Cryptough

📣 Volume speaks Volume!

BINANCE:CRVUSDT   CRV / TetherUS
**Beginning trader & Technical and Fundamental analyst. Received my trader's education at TRi School of Trader Development. This is not trade or financial advice. DYOR.



I want to be Bull this name. This analysis does not speak for a particular setup, though I suppose there is a continuation trade buried in there somewhere. It speaks more to what I would need to see to convince me that we are going to trend much higher out of this little range we seem to be bouncing around in between $3.50-$2.85. Because after that there is little resistance above that and the sky could be the limit with some effort.


Volume precedes price, and there just isn't convincing evidence that the Bulls have taken over. Noted on the chart is an example of what I would like to see. Also, RSI briefly broke out but fell below support and is now trying to claw its way up through resistance. Put in a double bottom along support above the 50 line and I just may catch a ride on the way up.


I'm going to keep an eye out for some of these things to come to fruition before I go spending my heard money in the market.

My 2 cents. Would like to hear your assessment if you care to share.







BINANCE:CRVUSDT

COINBASE:CRVUSD
Comment: If enough buyers don't show up, and so far there hasn't been any significant spikes in green volume ideally getting bigger over days, then it doesn't matter how good looking the chart is its just not going to move through the the thick of that resistance. Bears still in control as evident by the big wicks being left and sellers pushing the price down. I feel like there are a lot of trapped bulls who are impatient, were expecting a rapid massive profit opportunity, and then got stuck and are just looking to get out. Until that supply is exhausted, and if BTC complies, we may see uptrend.
Comment: Now we are talking. CRV has one hour to blow through April 15's buy volume of 53.7 mil; it's at 49.16mil, as of this writing. If it does, that will make the single largest buy volume gain since January 23, 2021 of 53.23mil. And that could spur a bullish uptrend imo! *If BTC doesn't mess the whole thing up, seriously, that's a possibility. And don't forget, VOLUME SPEAKS VOLUME!
Comment: Wooohooo. It did it. But we need more of these big ole green volume bars consecutively to keep this going. I wonder if it can print a daily candle close above $3.667, a major resistance level? That would be a cherry on top, and a step in the right direction for good things to unfold in the coming days/weeks. IF Musk stays off Twitter.
Comment: Spoke too soon and it completely sold off and printed a hammer, yikes. haha. There is going to have to be some clean up going on. Who knows how long it will take? Or if we have been ushered into a changing trend with the precipitous drop of both BTC and ETH. For the bulls, could also be a buying opportunity. Asian Markets clearly selling off. More pain ahead or are we off to the moon? Market will do any old thing it wants to do. Only time will tell.
Trade closed: stop reached: Went South. All bets off the table. Goodnight. Game Over. Hasta la vista baby!

Comments

Thank you and thank you for responding to my questions. next enrollment with TRI I am in.
+1 Reply
Cryptough todd999
@todd999, Congrats. Look forward to being students of the market with you!
Reply
You gotta be kidding! I can't express how much I hate CRV. I lost big when I bought it when it got launched last year because it was excessively farmed/mined. Then I bought it again this year and lost few months back. Now I see so many channels shilling it, and I wouldn't get near it. I got burned from few coins that I cannot touch. I just believe these aren't for me to trade.

Best of luck buddy with your trade... I know it'll be successful as I won't be onboard with it. LOL
+1 Reply
@eBlockChain I was reading about some of the fundamentals of this crypto. I read something about a similar situation to yours. I think they got a handle on it encouraging lock ups with incentives like airdrops and a share of trading fees. Honestly, most of what this thing does in the ecosystem I don’t completely understand. It does seem to have few competitors, if any, in the field when it comes to stable coin exchanges. I’m surprised yifi mooning hasn’t influenced its price, considering the role it plays with yields. I always say, trade em, don’t date em. Make your profit and move on. :)
+2 Reply
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