Comparison to previous bear market
Many believe that low volume is a bad sign, however the fact that we've been moving up last few weeks on low, decreasing volume is in fact a very strong sign. It's a sign that very few holders are willing to sell. The investors that recognise that from a long-term perspective the current prices are quite great and hence want to increase their long positions thereby drive up the price more than one would normally expect.
Regarding the graph above: also note the very similar RSI level
My prediction: we'll see 6000+ before the end of May
Regarding the graph above: also note the very similar RSI level
My prediction: we'll see 6000+ before the end of May
Note
Well there it is. Of course we might see a small retrace now, but mostly due to opportunistic day traders. No holder is selling here and as we've just seen proof once again, very few holders are willing to sell in the first place. Rest assured we'll go further up coming weeks, and we'll see at least 6k
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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.