All of my reasoning is behind VALUE not just volume, price, bears, bulls, or balls. If we correlate everything together we can see its pretty clear the wound has started to clot. Purple triangles representing the bottom of all red candles also demonstrates the force of volume being put on the value of BTC. Throughout triangle A we can see a clear value retractment to match volume, same for the start of triangle C. But we have came to this area of volume rising above valuation and I believe we are going to start to form another one of my triangles leading us back towards new channel displayed. If we break this bottom we have a nifty setup of moving support from the February 5th bottom. Let me simplify it. I believe we started a new channel on February 5th that correlated to the current volume. We found our "True" valuation and proceeded from there until volume rose shaking the markets direction. Bears were not active through the initial fall because they did not need to be. Once they recognized the new channel confirmation, on March 9th they took over and we can see their pull on the valuation is not as strong as what everyone has made it out to be. Loses have become less violent and price has in its own way leveled out. Starting a new triangle shows a buildup of support.How deep this triangle becomes is what were looking at. If we begin to crack the bottom of "The path of destiny" we will most likely resume the rising channel that was created. If this triangle runs thin we can expect a ride around $7,000 until we form another triangle. YES YOU HEARD IT RIGHT, THIS IS THE BOTTOM. No 5,000, 4,000, OR 3,000. THIS IS IT. Volume will hold us from here on out even if we resume lows. In fact resuming lows will cause us to resume the pitchfork channel I have displayed. Win-Win situation right now. High or low volume we are set to resume new channel with the break between bottom of candles and rising volume. Bears have used ALOT of effort to break us from the rising channel. Steam is running out.
Comment:
I will also add and break INTO triangle C will indicate A NEW CHANNEL. Which may not be favorable for Longs.