Perusing the alt charts lately and this one in particular is shouting its message loud and clear for the big picture.
Notice the high volume bars, what do they have in common? A selloff followed by big buy action in the same candle. In fact, if we go back 12 months we see the same pattern. Biggest volume is always on the red candle. This means that price would have dropped much lower except that someone was always there to buy the dip, and that the majority of ETH traded hands during big red candles and particularly at swing lows. This becomes more pronounced in the end of April as the volume spikes increase in frequency and decrease in overall size. The classic definition of a bear market is the transfer of shares from weak hands to strong hands, and it couldn't be more clear than on this chart.
Following the volume trendline, it appears that this accumulation campaign is nearing its conclusion. Can ETH still go lower? Absolutely. But this is one the most bullish charts I've seen for the long run, and if ETH goes most of the alts go with it.
To put it differently, smart money was buying the dip even at $780 to $1000 and we're now all the way down to $459. The next bull run should be face-melting and it's getting close :)
Notice the high volume bars, what do they have in common? A selloff followed by big buy action in the same candle. In fact, if we go back 12 months we see the same pattern. Biggest volume is always on the red candle. This means that price would have dropped much lower except that someone was always there to buy the dip, and that the majority of ETH traded hands during big red candles and particularly at swing lows. This becomes more pronounced in the end of April as the volume spikes increase in frequency and decrease in overall size. The classic definition of a bear market is the transfer of shares from weak hands to strong hands, and it couldn't be more clear than on this chart.
Following the volume trendline, it appears that this accumulation campaign is nearing its conclusion. Can ETH still go lower? Absolutely. But this is one the most bullish charts I've seen for the long run, and if ETH goes most of the alts go with it.
To put it differently, smart money was buying the dip even at $780 to $1000 and we're now all the way down to $459. The next bull run should be face-melting and it's getting close :)