Cardano: Breaking Out with Climax Buy Volume
On April 8th big players stepped in as can be seen on this
chart with the cyan blue colored bar. There was an incredible
amount of volume but the range of the bar was small. This is
known as "high churn".
Price continued to stay above 1.18 and on April 12th a buy climax
volume bar printed (blue bar on chart) with a high of 1.345. Three
buy climax bars followed one of which put in a new all time high.
Four climax bars in a row is a strong indication that we are going to see
higher prices. Somewhere between a 65%-80% chance price will
put in a new high.
April 16th bar was a bullish bar and there is no indication yet that
price is selling off or correcting. Price will have to go below the low
of the April 13th and/or April 12th bar to change the probabilities in
the favor of the sellers and move price back down to support levels
around 1.16 or 1.05.
We'll see what the next bar brings!
Note: I am currently long Cardano and I went long around April 9th.
chart with the cyan blue colored bar. There was an incredible
amount of volume but the range of the bar was small. This is
known as "high churn".
Price continued to stay above 1.18 and on April 12th a buy climax
volume bar printed (blue bar on chart) with a high of 1.345. Three
buy climax bars followed one of which put in a new all time high.
Four climax bars in a row is a strong indication that we are going to see
higher prices. Somewhere between a 65%-80% chance price will
put in a new high.
April 16th bar was a bullish bar and there is no indication yet that
price is selling off or correcting. Price will have to go below the low
of the April 13th and/or April 12th bar to change the probabilities in
the favor of the sellers and move price back down to support levels
around 1.16 or 1.05.
We'll see what the next bar brings!
Note: I am currently long Cardano and I went long around April 9th.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.