So are we close yet to get into long? After all the news i read and stories i think we are not far away.
searchbot
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Would suggest backtesting this same analysis on the bull market of 2017. Look at June and July 2017.
After sharp rise in prices people are taking profit. Others are accumulating.
When the volume = people willing to sell at the given price level starts to go down that is the time to expect the next move UP (not DOWN).
Have you explored 4h charts – do they show the same picture for volume?
FX_Shepherd
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@searchbot, No need to look at 4H charts as they are just a subset of the Daily charts. Just like my chart is a subset of the daily. Volume on different time-frames is not set a part from larger time-frames. The largest time-frame dictates all other time-frames. Monthl, Weekly, Daily, Hours, Minutes. Even on the chart you have above you can see that the price action and volume don't match. Wyckoff's 3 Laws 1. The Law Of Supply & Demand.
2. The Law Of Effort versus Results.
3. The Law of Cause & Effect.
searchbot
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@FX_Shepherd, My read of this is that looking back at Bitcoin usually before a mini rally the volume decreases, showing that the market thinks the price is not correct. Too low for sellers or too high for buyers. Now if we are in a bull market, my bet would usually be on the sellers waiting for a higher price.
globally there is more freshly moved bitcoin in the circulation = volume
don't think we will go lower than 9k
what do you say about my chart?
stasyszy
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Market movers are not market makers and vise versa. = ) otherwise interesting insight
FX_Shepherd
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@stasyszy, Your opinion not mine. MM (movers/makers) are the ones that control the tide of the market. We as RETAIL traders can't control anything. We can only move when they move and hopefully with enough supporting evidence it will be in confluence with them.
stasyszy
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@FX_Shepherd, market makers are not ones that move the market, they are traders that look to arbitrage with limit orders across different exchanges in any trading environment, hence making a market ie liquidity. Market movers, are the big accounts that with massive market orders "move" the market. Just to clear it up. It is not opinion = P
FX_Shepherd
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@stasyszy, TY for the info. Always a student. Happy trading!