BTC volume shows further growth, looking for UTAD in Wyckoff
Fellow traders! Long time no see!
I'll make it short and sweet, my absence was due the fact that mi-familia is starting a new business that we are building and remodeling currently, so my time is now at a premium.
Let's dive STRAIGHT into things.
One of the things I completely failed at was incorporating volume into my analysis, and frankly guys, this is why I have strongly failed some of my callouts. Let me be completely frank, without looking at volume and or at LEAST looking at volume based indicators, you are trading BLINDLY.
Volume can be a tricky thing at first, it is still a tricky thing at times... BUT! Your success as a trader revolves around your ability to understand what volume means and how to interpret volume with price action. Let's dig into the chart real quick.
The first thing we need to look at is the GOBS of volume we got in at the reversal at 13200 this morning. Guys, this to me tells me that the exchanges/big fish are going to push prices further up from there (which obviously happened), but as you can tell, since then, we have basically made an uptrend. We did have a slight little fall, but you can also tell by the volume of that fall that it didn't have any breadth to it... Overall, we remain in an uptrend...
Now, another thing that should be completely obvious here is the divergences being made by RSI and OBV. They are both telling us (along with a fairly top heavy Stoch) that reversal is around the corner. But here's the thing gang, they are OBVIOUS. And when things are obvious, exchanges tend to put the obvious right on the firing line, and anyone falling for it is mowed down.
Third thing we must notice as well are the longs/shorts ratio on binance being a stronger on the short side for large trading accounts. And where there is money to take from, you bet it will go against the herd.
I think ultimately we will see quite a big UTAD. I don't think that 15200 is going to be it... And there are multiple reasons why. I believe we are headed towards the 16500 range. I'll post more on that in my next idea.
Keep looking at that volume guys! I know it's not something a lot of you base your trades off of, but once you learn how to apply it to Wyckoff charts or just trading in general, you will understand why they are so important. What we will be looking for is a strong volume candle. If we get that at the top of the trading range, maybe that's all she wrote, and we go down to find demand. OR, my theory about blowing right past the trading range into UTAD will develop. Our first sell off zone would probably be around that 1.618 area up top. We will wait for volume to give us a clue at that point and time.
I'll make it short and sweet, my absence was due the fact that mi-familia is starting a new business that we are building and remodeling currently, so my time is now at a premium.
Let's dive STRAIGHT into things.
One of the things I completely failed at was incorporating volume into my analysis, and frankly guys, this is why I have strongly failed some of my callouts. Let me be completely frank, without looking at volume and or at LEAST looking at volume based indicators, you are trading BLINDLY.
Volume can be a tricky thing at first, it is still a tricky thing at times... BUT! Your success as a trader revolves around your ability to understand what volume means and how to interpret volume with price action. Let's dig into the chart real quick.
The first thing we need to look at is the GOBS of volume we got in at the reversal at 13200 this morning. Guys, this to me tells me that the exchanges/big fish are going to push prices further up from there (which obviously happened), but as you can tell, since then, we have basically made an uptrend. We did have a slight little fall, but you can also tell by the volume of that fall that it didn't have any breadth to it... Overall, we remain in an uptrend...
Now, another thing that should be completely obvious here is the divergences being made by RSI and OBV. They are both telling us (along with a fairly top heavy Stoch) that reversal is around the corner. But here's the thing gang, they are OBVIOUS. And when things are obvious, exchanges tend to put the obvious right on the firing line, and anyone falling for it is mowed down.
Third thing we must notice as well are the longs/shorts ratio on binance being a stronger on the short side for large trading accounts. And where there is money to take from, you bet it will go against the herd.
I think ultimately we will see quite a big UTAD. I don't think that 15200 is going to be it... And there are multiple reasons why. I believe we are headed towards the 16500 range. I'll post more on that in my next idea.
Keep looking at that volume guys! I know it's not something a lot of you base your trades off of, but once you learn how to apply it to Wyckoff charts or just trading in general, you will understand why they are so important. What we will be looking for is a strong volume candle. If we get that at the top of the trading range, maybe that's all she wrote, and we go down to find demand. OR, my theory about blowing right past the trading range into UTAD will develop. Our first sell off zone would probably be around that 1.618 area up top. We will wait for volume to give us a clue at that point and time.
Comment:
We retraced some overnight, but in the bigger picture we seem to be headed higher here shortly... OBV already has the breakout confirmed. We should be able to push out soon, we seem to be getting higher volume here on the hourly.
