Start of a new rally? An observation of Bitcoin bubble volume
The low of $152.40 on the 12th of January marked the highest trading volume since Winter 2013 all time high and it has certainly made for some very profitable short term trades for some and horrible losses for others.
Zooming out of the chart we can see that the last time we had such high volume after an all time high it heralded the beginning of a new rally and that is what I beleive we are witnessing at the moment.
Although price action may still appear to be somewhat bearish, this may simply be attributed to large players keeping the price low in order to accumulate cheap coins in anticipation of greater moves in the coming weeks.
I beleive that $152.40 is the absolute bottom and that over the next few weeks we will be going up, albeit gradually from here.
The most recent low of 208 formed a double bottom along what appears to be a well tested support line, which just so happens to be the long term linear support line. Price rallied steeply after touching it.
Stoch RSI is looking favorable too as it is entering the bullish zone.
Ive noticed that the difference between the high and low volumes of this bubble are almost half as much as the last. Im not sure if there is any significance to this. Ideas are always welcome.
Cheers & Happy Trading
Zooming out of the chart we can see that the last time we had such high volume after an all time high it heralded the beginning of a new rally and that is what I beleive we are witnessing at the moment.
Although price action may still appear to be somewhat bearish, this may simply be attributed to large players keeping the price low in order to accumulate cheap coins in anticipation of greater moves in the coming weeks.
I beleive that $152.40 is the absolute bottom and that over the next few weeks we will be going up, albeit gradually from here.
The most recent low of 208 formed a double bottom along what appears to be a well tested support line, which just so happens to be the long term linear support line. Price rallied steeply after touching it.
Stoch RSI is looking favorable too as it is entering the bullish zone.
Ive noticed that the difference between the high and low volumes of this bubble are almost half as much as the last. Im not sure if there is any significance to this. Ideas are always welcome.
Cheers & Happy Trading
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