OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
Futures price just can't escape the long term trendline drawn from the peaks of our previous two major dumps. My verdict is MOAR DOWN!
My verdict is: Buy the dip!
+1 Reply
MartyMcFly ChartArt
Not a bad call at all - a Long could have ridden the subsequent rise up to 220.5 however we are now dead stopped at the 1000 contract wall that's been put up. Bust the wall or dumpy dump? Who knows!
ChartArt MartyMcFly
Regarding this sell wall. That is why I always say that volume is a lagging and not a leading indicator.

Or to be more precise: Volume (and all other indicators besides the price) are lagging the price as buy signal in the Elliot wave 1, but once sentiment starts to change more positive after wave 1, then volume is starting to be a leading indicator in wave 3 and especially later in the dip of wave 4 before wave 5.
ChartArt ChartArt
Currently we are still in wave 2, where most market participants are still very bearish against the price, although we had already wave 1 (the peak of $230 after multiple days of selling).
Bullish confirmation now.
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