BTC had nice rally recent days.
To break down recent price action, see 1H chart.
1. Big volume push price from 6,950 to 7,260 (4.5%).
2. After 1, no bigger volume seen.
3. This morning, we see another big volume pushing price from 7,760 to 8,000 (3%).
It's possible that, some whale bought up in step 1, and is selling in step 3.
If that's the case, we won't see price going down immediately, because there are still buyers willing to trade on 7,900.
We can even see price break 8K, only to find out if the balance of buying and selling is broken.
Only then, the momentum of price action will turn to downward.
To break down recent price action, see 1H chart.
1. Big volume push price from 6,950 to 7,260 (4.5%).
2. After 1, no bigger volume seen.
3. This morning, we see another big volume pushing price from 7,760 to 8,000 (3%).
It's possible that, some whale bought up in step 1, and is selling in step 3.
If that's the case, we won't see price going down immediately, because there are still buyers willing to trade on 7,900.
We can even see price break 8K, only to find out if the balance of buying and selling is broken.
Only then, the momentum of price action will turn to downward.
Comment:
As the market revealed, the big volume on the right is NOT distribution.
It's re-accumulation:
Now again, we see another even bigger volume today. Is it distribution or re-accumulation? We'll see.
The lesson here, is that there is no 100% certainty about the market. All we can do is make our judgement's possibility as high as possible.
For me, it's a high probability that the conflicts between US and Iran is just getting started (which is a sad thing). I think we are watching a re-accumulation stage, setup Bitcoin for higher price action.
It's re-accumulation:
Now again, we see another even bigger volume today. Is it distribution or re-accumulation? We'll see.
The lesson here, is that there is no 100% certainty about the market. All we can do is make our judgement's possibility as high as possible.
For me, it's a high probability that the conflicts between US and Iran is just getting started (which is a sad thing). I think we are watching a re-accumulation stage, setup Bitcoin for higher price action.
Notice: an important pattern for distribution stage is lower highs. Let's see how it plays out in real market.