I took four key high-volume red candles from January. It appears a bearish price action requires less and less volume to push the price down as much as it earlier required more.
For now, the price is holding a local point of control that meets 50 daily EMA, but the question is for how long. There is clearly a lot of power to bearish moves and almost none to the bullish countermoves.
Does this picture speak of power? Some people bought the bottom of yesterday's candle and it is the most voluminous 10m candle on the chart. I interpret this as yes, bulls still have the power to counteract somewhat strong bearish assaults on 50 daily EMA.
However, they no longer possess the ability to move the price higher. As also seen on the daily charts (and other potential timeframes), green candles are generally smaller, have a lower volume and the more significant ones tend to summon bears who now close profits for an excellent price.
I think we can reach 60k one more time before the trend ultimately ends.
For now, the price is holding a local point of control that meets 50 daily EMA, but the question is for how long. There is clearly a lot of power to bearish moves and almost none to the bullish countermoves.
Does this picture speak of power? Some people bought the bottom of yesterday's candle and it is the most voluminous 10m candle on the chart. I interpret this as yes, bulls still have the power to counteract somewhat strong bearish assaults on 50 daily EMA.
However, they no longer possess the ability to move the price higher. As also seen on the daily charts (and other potential timeframes), green candles are generally smaller, have a lower volume and the more significant ones tend to summon bears who now close profits for an excellent price.
I think we can reach 60k one more time before the trend ultimately ends.