Everyone knows that Bitcoin is getting hotter this year, but let's keep this analysis short as the most important information is on the chart.
This analysis is based on Wyckoff ideas, we could be in front of a Distribution phase, as BTC has been in an upward trend for so long without any noted distribution (people, or I should say financial entities, taking their money off and selling their positions).
We first saw a STOP followed by a fast down trend ( AR ) that ended leaving us with two important support lines who were supported during the whole phase excepting an small spring with irrelevant volume ( this shows that great plays are not taking place ), then prices went up to the secondary support line, to finally rise with SMA in their favor.
In that moment we could see prices breaking the STOP resistance with no volume at all, which is a clear indicator that demand is not interested to push prices up again, but the thing is that supply is not getting in play for the moment and that is the reason why prices did not went all the way down.
But we could see that Upthrust as a moment when people sold all of their positions, but again we did not saw the volume that should be related.
Now prices are trying again to rise, but there is one thing clear, prices will not go further without any volume supporting the movement.
Hope you have a great day.
This analysis is based on Wyckoff ideas, we could be in front of a Distribution phase, as BTC has been in an upward trend for so long without any noted distribution (people, or I should say financial entities, taking their money off and selling their positions).
We first saw a STOP followed by a fast down trend ( AR ) that ended leaving us with two important support lines who were supported during the whole phase excepting an small spring with irrelevant volume ( this shows that great plays are not taking place ), then prices went up to the secondary support line, to finally rise with SMA in their favor.
In that moment we could see prices breaking the STOP resistance with no volume at all, which is a clear indicator that demand is not interested to push prices up again, but the thing is that supply is not getting in play for the moment and that is the reason why prices did not went all the way down.
But we could see that Upthrust as a moment when people sold all of their positions, but again we did not saw the volume that should be related.
Now prices are trying again to rise, but there is one thing clear, prices will not go further without any volume supporting the movement.
Hope you have a great day.