Once again, the low volume is killing the bitcoin market.
During the previous run from 10K down to 6K, the Bitfinex market was plagued by very low volume, between 1 and 10 BTC in a 1min candle chart.
In this 4H chart, BTC once again is plagued by a continued reduction of the volume, showing us the lack of interest from buyers at the current levels. Investors have been dumping their positions in the past days, starting to pass the idea that Bitcoin is loosing its appeal. Who could blame them? There was the idea that Bitcoin could "moon" up to +20K by March. Well, March is about to arrive and not even a solid 10K case is presented. In fact, we are now in a cross-road. Will it go beyond the 0,382 FB Level and build a solid case from there, or will it fail by going bellow the 0,236 FB level and run down the hill to test the 6K level. The last seems to be the most probable, at this moment.
I have to be honest. The 6K case never appeared to me to be a solid one. Not even one test was performed. If you check the moment it hit the 6K, it immediately started to run for the moon. Massive delusion, in my opinion.
Lots of buys, due to the hype that it was just another BTC crash. "It will recover and go up, just like the previous times" they said. Well, it's time to learn what the "Hot-Hand fallacy" is...
2018 is not going to be like 2017. Financial investors may very well now begin to see that the moon is to far to be reached, and they want to collect their bonus check.
Prepare yourselves for a bumpy road. It seems that we are all going down.
During the previous run from 10K down to 6K, the Bitfinex market was plagued by very low volume, between 1 and 10 BTC in a 1min candle chart.
In this 4H chart, BTC once again is plagued by a continued reduction of the volume, showing us the lack of interest from buyers at the current levels. Investors have been dumping their positions in the past days, starting to pass the idea that Bitcoin is loosing its appeal. Who could blame them? There was the idea that Bitcoin could "moon" up to +20K by March. Well, March is about to arrive and not even a solid 10K case is presented. In fact, we are now in a cross-road. Will it go beyond the 0,382 FB Level and build a solid case from there, or will it fail by going bellow the 0,236 FB level and run down the hill to test the 6K level. The last seems to be the most probable, at this moment.
I have to be honest. The 6K case never appeared to me to be a solid one. Not even one test was performed. If you check the moment it hit the 6K, it immediately started to run for the moon. Massive delusion, in my opinion.
Lots of buys, due to the hype that it was just another BTC crash. "It will recover and go up, just like the previous times" they said. Well, it's time to learn what the "Hot-Hand fallacy" is...
2018 is not going to be like 2017. Financial investors may very well now begin to see that the moon is to far to be reached, and they want to collect their bonus check.
Prepare yourselves for a bumpy road. It seems that we are all going down.