What makes it more likely to go up, than down to touch the channel support? Why not interpret the touches at 60K as order absorption, so the more touches the worse because you exhaust the buyers? Volume is declining in that consolidation, so would it not mean that there are less and less people wanting to go long, and orders are accumulating at a lower level? It looks similar to September, with volumes going down, then price went up, then collapsed with to bear flags until 39.4K. I'm not taking a bear stance here, just asking why long is more likely.
HexaTrades
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@molbioinfo, a decrease in volume doesn't mean that there are less and less people wanting to go long, it means that there are fewer number of trades going on in the market and it doesn't represent a bullish/bearish market. On another note, BTC crossed its previous ATH recently and it's consolidating after the breaking ATH. So we can expect it to hit new ATH. Also, overall people's sentiment is very bullish in November so BTC is less likely to crash/correct more.
molbioinfo
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@HexaTrades, Thanks, my bad about the interpretation of volume, I got the wording totally wrong... I think I was thinking of that lower volume showing the exhaustion of liquidity at that range, until the leap down or up to the next range. It's really kicking up now.
thx mate