On the low time-frame 15 min chart, #BTC #bitcoin is holding within a small price range. The volume is also decelerating fast; the 20 SMA is higher than the Keltner channel on volume.
After a great 24 hours, holders are staying put and not selling the farm.
Consolidation will eventually produce a large swing in direction, so where we are right now will become a supply zone (if price drops) or a demand zone (if price rises).
If you still want to "get in" on the action (maybe it'll spike up again?), these levels are at the tops of demand zones. One could buy right now, in the hopes of it going up, but it might turn out to be a supply zone.
It's better to wait and be patient for the price to drop down to a price that, right now at this time, is considered a cheap price AT A LEVEL WHERE PRICE WAS STABLE for a time. People come back to their prices, price levels have emotional appeal (round numbers like 1000), orders aren't caught when the price moved quickly away, levels are used to scale in/out of position, etc. These are all reasons why selling and buying pressure is more concentrated at certain prices, and the candles gather around an elevation.
Placing a buy order on the top end of a demand zone gives the advantage of trying to buy earlier than the crowd. Price might drop down into the zone a bit (no trade is perfect), but if the call is right, the buy order will be on the bottom portion of a long wick. :)
The best demand zone right now is still at the level of the previous all-time high.
After a great 24 hours, holders are staying put and not selling the farm.
Consolidation will eventually produce a large swing in direction, so where we are right now will become a supply zone (if price drops) or a demand zone (if price rises).
If you still want to "get in" on the action (maybe it'll spike up again?), these levels are at the tops of demand zones. One could buy right now, in the hopes of it going up, but it might turn out to be a supply zone.
It's better to wait and be patient for the price to drop down to a price that, right now at this time, is considered a cheap price AT A LEVEL WHERE PRICE WAS STABLE for a time. People come back to their prices, price levels have emotional appeal (round numbers like 1000), orders aren't caught when the price moved quickly away, levels are used to scale in/out of position, etc. These are all reasons why selling and buying pressure is more concentrated at certain prices, and the candles gather around an elevation.
Placing a buy order on the top end of a demand zone gives the advantage of trying to buy earlier than the crowd. Price might drop down into the zone a bit (no trade is perfect), but if the call is right, the buy order will be on the bottom portion of a long wick. :)
The best demand zone right now is still at the level of the previous all-time high.
