Looking like a bottom - High Volume but a higher low?
I highly suspect bitcoin is bottoming here.
Volume surges tend to represent an exhaustion. You see big volume spikes at turning points on charts - both highs and low.
We are currently seeing major surge in BTCUSD volume despite months of low volume selling and even more interesting is that this surge in volume is occurring not at fresh lows, but well above our 5k spike low - which curiously had very low volume. So despite all this volume we are not moving lower? How could that be, unless big buyers are holding this market up. Quietly buying from the impatient and fearful.
Does this mean we go up tomorrow? Next Week? Next Month? That I am not sure. We can certainly grind down here for days and weeks until there are no more sellers or until a major catalyst is provided to push prices higher.
Volume surges tend to represent an exhaustion. You see big volume spikes at turning points on charts - both highs and low.
We are currently seeing major surge in BTCUSD volume despite months of low volume selling and even more interesting is that this surge in volume is occurring not at fresh lows, but well above our 5k spike low - which curiously had very low volume. So despite all this volume we are not moving lower? How could that be, unless big buyers are holding this market up. Quietly buying from the impatient and fearful.
Does this mean we go up tomorrow? Next Week? Next Month? That I am not sure. We can certainly grind down here for days and weeks until there are no more sellers or until a major catalyst is provided to push prices higher.