Test Lower Finds Volume - Bearish Near Term, Bullish Long Term
It came to the 1st spring region I had mapped and found high volume which means it's probably going to test lower and the final spring will probably be near the selling climax, if not a bit lower.
This is where miners are closing down due to low prices which means it will be difficult for price to stay this low for long.
The 65% top to bottom range is so wide that you could treat the top as a distribution range and the bottom as an accumulation range.
It was only a few weeks ago that the stock market was making new highs and now all of a sudden we're at 0% interest rates and panicking because there world is about to end because of the virus. It's really the virus and nothing else that has people scared and once that is gone things are going to return to normal.
For BTC that means being attracted to the price range stock to flow predicts which right now is about $7k and after the halving will be about $87k. So for the long term I am not worried, I'm just waiting it out and in the short term this is like any other trading pattern.
At some point once the strong hands have accumulated what they want from the stock market they'll declare that the virus is cured and instruct the talking heads on TV to have everyone pile back in and buy up the market to all time highs again. Then the strong hands will sell and have some other end of the world scenario to scare people into selling once again.
The correlation cryptos have the SP will not last for long because the halving will break the supply and force a different price curve. So even with people saying cryptos are a "risk on" type of thing it has a strong reason to go up because the reduced supply will eventually force prices up even if people are panic selling it.
Once BTC tests lower and doesn't find much volume that will signal it is close to the end of the accumulation phase. It's a little too early to call that but the day is coming.
This is where miners are closing down due to low prices which means it will be difficult for price to stay this low for long.
The 65% top to bottom range is so wide that you could treat the top as a distribution range and the bottom as an accumulation range.
It was only a few weeks ago that the stock market was making new highs and now all of a sudden we're at 0% interest rates and panicking because there world is about to end because of the virus. It's really the virus and nothing else that has people scared and once that is gone things are going to return to normal.
For BTC that means being attracted to the price range stock to flow predicts which right now is about $7k and after the halving will be about $87k. So for the long term I am not worried, I'm just waiting it out and in the short term this is like any other trading pattern.
At some point once the strong hands have accumulated what they want from the stock market they'll declare that the virus is cured and instruct the talking heads on TV to have everyone pile back in and buy up the market to all time highs again. Then the strong hands will sell and have some other end of the world scenario to scare people into selling once again.
The correlation cryptos have the SP will not last for long because the halving will break the supply and force a different price curve. So even with people saying cryptos are a "risk on" type of thing it has a strong reason to go up because the reduced supply will eventually force prices up even if people are panic selling it.
Once BTC tests lower and doesn't find much volume that will signal it is close to the end of the accumulation phase. It's a little too early to call that but the day is coming.