Posting this up to see where it is in the future . .. .
Comment:
I Really like this one because it shows how important the shape of the second "hump" in the M is.
There is some logic behind a well formed M pattern like the Tesla chart on the right.
When price goes up higher to a liquidity zone after forming the "first hump", higher prices encourage selling. The rounded tops mean that there is also significant buying pressure at the higher prices which absorbs the selling. Until the sellers are exhausted on a weak push down.
Once the sell exhaustion happens new buyers have accumulated and as price moves up there are no more sellers in the market which allows for exponential bullish action.
When the hump is too narrow as with the chart on the left, it implies that the the buy interest may be too weak to weak and there are more sellers. Specifically for this coin there is a vesting schedule where locked up tokens from the launch are constantly being released and sold, but there is not enough buy action.
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There is some logic behind a well formed M pattern like the Tesla chart on the right.
When price goes up higher to a liquidity zone after forming the "first hump", higher prices encourage selling. The rounded tops mean that there is also significant buying pressure at the higher prices which absorbs the selling. Until the sellers are exhausted on a weak push down.
Once the sell exhaustion happens new buyers have accumulated and as price moves up there are no more sellers in the market which allows for exponential bullish action.
When the hump is too narrow as with the chart on the left, it implies that the the buy interest may be too weak to weak and there are more sellers. Specifically for this coin there is a vesting schedule where locked up tokens from the launch are constantly being released and sold, but there is not enough buy action.