Hello everyone and welcome to this simple yet important Technical Analysis of total crypto market cap based on volume and price action.
What we have visualized here is strong resistance (red line) pushing us down since BITCOIN COINBASE:BTCUSD was approx. 20K USD and CRYPTOCAP:TOTAL total market cap at 7xx billions.
The reason why I´m watching this analysis is the BUY VOLUME in the market cap range similliar to now (Green squares) At previous range the buy volume was far less then the actual one and we had now 3 weeks of constat buy volume (Yellow square) on weekly chart. This is making me more comfortable to keep buying according to related idea.
The white square visualize here a FOMO when retailers jumped in based on mass media shill & got burned bad.
____________________________________________________ In related ideas you can see TA called: Bitcoin is bottom in ? Where further informations can be found. (This reversal based on bullish divergence was spot on) & I personally think it was best time to start buying
Have a question ? Feel free to ask. Do you like this idea ? Likes/Follow/Sharing is highly appriciated
Wish you all great gains and nice day Cheers
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Last week we whitnessed literally biggiest buy volume since the top
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We have 2 more days before we close weekly candle and volume bar & it´s looking very bullish again so far. Watching Weekly close here will be very interesting.
Is dump upon us or is something big cooking in front of us ? Ive just realized we had this situation only few times since May 2017. What I mean is 5 weeks of buy volume in row. Everytime this happend we had a correction will it be different this time ?
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Weekly not closing yet but the buy volume passed last week
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Weekly about to close and we got biggiest buy volume this year
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Ascending / Descending triangles
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Breaking out
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Hello followers waiting for the update. Lets Review last week. Last week we closed in red but its not that bad. If you compare sell volume which we had and if you take a look at "peak" the sell volume was almost the same but it pushed prices down almost 45% meanwhile now it took us down only 4,5% and the price looks like it broke out of the strong resistance line and seems like a support now so this week will be interesting either.
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Will be closed soon but its not yet anyways it looks more and more like breakout of this long term resistance. Moove over 150 will indicate bigger bull action. Volume is looking good
Trade closed: target reached
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Since bottom call we´re up nicely and breaking over the resistance but I think a correction is in front of us for Bitcoin but alts might keep booming. It depends on the fact if Bitcoin will correct down with spikes or sideways. If sideways = ALTcoins moon
Trade active
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Crazy buy volume but what makes me curious is that red wick which literally appeared in the chart at 21. Jun
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Revisited chart and here is update for you on lower TF. We are currently at very strong support range and buying volume is still increasing constantly. This looks like another upward moove should come soon
Updated my assessment... Now agree it's likely Bull time.
Anoinvest
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@Teklologist, Glad you changed your mind .. this could support it
Anoinvest
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@Teklologist, Glad you changed your mind right on the time
NaturalPatterns
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great charts
Anoinvest
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@NaturalPatterns, Thank you ! Thanks for taking a stop for a possitive feedback
daddycool1
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I really respect your work but wash trades are bigger now than any year of cryptotrading,you can easily find out with 5 mins google research that the most of the 24h volume is fake.
Anoinvest
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@daddycool1, Do you still think that the volume is fake sir ?
daddycool1
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@anosinvest, lol watching in awe.
Flv3
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I don't understand. Why is it mooning when the buying volume is huge? If people are buying, they want to sell at some point..they are not going to buy forever.
Teklologist
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@Flv3, Some folks buy then sell, sell then buy, repeat. A long green volume bar isn't all from buying, only that there was more buying than selling. The more selling that occurs the lower the price goes causing more buyers show up to scoop up the lower price. When too many buyers show up, price goes back up. Regarding transactions, amount of buyers and sellers (# people) is always equal. Price movement depends on who's more aggressive. When a buyer overwhelmingly desires an asset the buyer will purchase an asset at a seller's ask price instead of waiting for a seller to hopefully settle on a bid price. Mooning occurs when many buyers suddenly flood in purchasing an asset at the ask prices.