At the top we see here the DEFI index, daily chart, and below the weekly chart of Bitcoin (2018)
A series of lackluster rallies , lower highs on decreasing volume suggest that demand is really poor.
Institutions have quickly sold their assets off the top and run away from this market (RISK ON->RISK OFF MODE)
Lower highs suggest a break of the support. That...
Market Dynamics.
On the HTF I’ve been Bullish so still sticking to my bullish sentiments .
Entry at $9500 - still holding position .
My thoughts for today?
Btc on the 8hr timeframe showing controlled or less supply- and you know what happens when there is less supply ? - MORE DEMAND. ( this pushes prices up.
However on the 4hr chart there seem to be...
Buyers are active in the current price, and if the volume increase the price will break the resistance level and go beyond the resistance.
If the prices come lower level and breaks 77.50 level it is predicted that it will move do down direction.
----4 hour chart----
In 4 hour time frame price is creating a value area,
if...
Today closing already broke 50% support line ($9.68) and the next support line will be $8.60 ( 0.618)
Might need 5 to 10 trading days to see if this will be the bottom at this time.No hurry to long.
