Can this suggest a top? Or will we see another push to ~100k area? I wish for scenario two, but would be prepared for "the worst".
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If we cross this trend line at some point then the end is here.
But maybe this alts gains pumping into BTC would "safe" this forecast.
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Based on a trading guide I just read - Decreasing volume + increasing-price = uptrend not supported with volume. And we can see this is happening since January. With a peak supporting uptrend ending somewhere at 42.5k.
Since then volume is decreasing. I would see a resolution somewhere before May, near the end of April (which will be probably very good for alts).
There is also triangle forming which suggests resolution somewhere between the 11th of April - 16th of April.
In case we push above 60k and volume would increase there could be another nice run. On the other hand, probably retest of 42.5k
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Look at "Are we at the top? #2" with an updated graph.
Volume usually decreases prior to a breakout. Hopefully this suggests a breakout above 60k is coming as price needs to make a decision as the ascending triangle pattern is almost fully formed.
Marrekk
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@btins1881, It's possible I just read about this volume + price movement. Patterns haven't been part of the "study" yet. But so far I saw already how to trade a triangle. Also, there are institutional buying which volume isn't probably shown here. We will see. By next week we will have answers.
btins1881
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@Marrekk, well, it’s a good analysis and appreciate your perspective. Either way, regardless of low volume I’m hopeful the next move up comes with a ton of volume. Otherwise it might potentially be a fake out. Good luck!
Marrekk
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@btins1881, thank you, we will see, there is triangle forming and breakout would mean 80k which I would like to see