To me this looks exactly the same as previous fluctuations before the take off. You first reach ATH, have a downtrend, you reach the bottom of the trend and have a 1 , 2 & 3 pattern.
1: you first reach this point when downtrending, the up move. why is it so significant? it signals the bottom here. Buyers filling their positions for the next round.
2: the correction of the spike, it enters accumulation zone, you retest the broken resistance.
3: the bottom, drying out of sellers causing the candles to turn to doji's and a lot more compressed price ranges -> it signals the end is here and it's turning really bullish
On the W timeframe you have an inverted hammer on the bottom.
2 doji's on the 2h chart on the support zone
1 long legged doji on the 3h chart
2 doji's on the 4h chart in the support zone
A lot of buy pressure coming if you analyse the candles here.
notice the big wicks that are coming out of the candles
To me, clearly shifting away from the bottom here, this is just getting started
1: you first reach this point when downtrending, the up move. why is it so significant? it signals the bottom here. Buyers filling their positions for the next round.
2: the correction of the spike, it enters accumulation zone, you retest the broken resistance.
3: the bottom, drying out of sellers causing the candles to turn to doji's and a lot more compressed price ranges -> it signals the end is here and it's turning really bullish
On the W timeframe you have an inverted hammer on the bottom.
2 doji's on the 2h chart on the support zone
1 long legged doji on the 3h chart
2 doji's on the 4h chart in the support zone
A lot of buy pressure coming if you analyse the candles here.
notice the big wicks that are coming out of the candles
To me, clearly shifting away from the bottom here, this is just getting started
Comment:
If you look on multiple exchanges, for instance finex, binance, bitstamp,... all the volume in the 1, 2, 3 waves is up, just like before the prvevious run to ATH. Remember that these prices are the prices people wanted back when we reached the $1 mark. Yet we are, and people will get burned again by too much waiting around and not taking some risks while trading. High risk, high reward. Place your bets and hope for the best! Good luck!
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