Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
⋅
Distinguishable Wicks are wonderful storytellers on every chart because they represent the traders state of mind and their sentiments about the market. In this case, some 2017 wicks are getting back into the game with a strong effect on the market direction.
so for this to play out, the wicks needs to go down to about 3100~3200?
smartdigitals
⋅
@bradicho3767, not required. Getting back to 3100 level before retesting 5k is still a possibility but I wouldn't bet on it. The Wick 2 effect is more suitable to bet on right now, but a retrace below 3600 would set new targets.
smartdigitals
⋅
@bradicho3767, The Wick 1 effect took place already if that's what you mean...
jobanis
⋅
@smartdiitals, ok, do you take volume into consideration? if so, the volume was increasing in 2017, but now it's decreasing. Thanks for the idea btw.
smartdigitals
⋅
@bradicho3767, Even if I had to take the volume into consideration it would be just normal because what we are looking for is an inversion of events which implies opposite factors to bring the effect. But sincerely I don't care about the volume. Trying to predict movement based on volume is like trying to predict a disaster after being caught in a tsunami. Its the traders actions that brings volume, not the other way around.
jobanis
⋅
@smartdiitals, I was talking about how the volume "has been" declining, not "will be" declining. Although I do agree the market may go anywhere the traders will take it.
jobanis
⋅
@bradicho3767, I was just making a point, declining volume indicating how any patterns formed within the range will starts to invalidate.
smartdigitals
⋅
@bradicho3767, My answer didn't mention any volume that will decline, you misunderstood! I started by answering your question before adding my comment.