Supply entered the market in February evidenced by the close at approx 3/4 and confirmed by March's bar - a down bar of similar volume closing slightly above the halfway point of February's bar. March's bar was approximately only half the spread of February's bar indicating that there wasn't good ease of movement to the downside. The close in the bottom third of...
BTC has now lost it's place as the biggest bubble ceding that honour to TSLA.
It's never different, regardless of the technology involved, bubbles are bubbles.
The skill lies in recognising them, remember the circumstances of the last 12/18 months, remember the spruiking, remember the participants, remember the commentary, remember the buzz, remember the FOMO...
Price started to decay, as is common whilst waiting for results, but it found support at 71c and has been bought back to 76c. All too often in these conditions price decays as buyers lose interest which in turn leads to more selling, ANX, however, is still finding support, this bodes well for future price action.
BTC is still not exhibiting strength, if anything, supply seems to be waking up to the fact that demand is evaporating, both are starting to head for the exit, watch this space.
In a normal buying climax, supply overwhelms demand on rising volume. When there is a shortening of the thrust on falling volume, that implies lack of demand.
That moment when Wiley E Coyote runs off the cliff and starts to slow, then he looks down...
When supply fathoms out that demand is dwindling and looks down to see that they've run off a cliff...
Is this a buying climax on the BTCUSD 15 min? Second failed attempt to penetrate $60k this week, and the fourth in the past 2 months. While there's pockets of determined buyers, the quantity seems to have evaporated. Supply isn't overwhelming yet, but when supply wakes up to the idea that demand is evaporating...
After a period of consolidation price ran up on drilling results, it's now patiently and politely waiting the results of further infill drilling and ready to breakout.
