Bitcoin will continnue decline until we reach our support lines at about $6950. The supply is being absorbed this is an indication that the downtrend might come to an end which is near our support lines. I expect it to make higher lows from there on.
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RSI is making higher lows since February
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Here is another chart which indicate $7K being our support as well
For more information about volume declining, read here: www.rediff.com/money...-market/20090703.htm
For more information about volume declining, read here: www.rediff.com/money...-market/20090703.htm
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Phase A = Stopping the prior downtrend, the volume in this phase will be high
Phase B = Phase B serves the purpose of "Building a Cause", the volume decreases as "smart money" are absorbing the supply of the market. It is critical for this Phase to have a diminishing volume as this will be our indicator for the next future movement
Phase C = A decisive test of the remaining supply, allowing "smart money" to ascertain whether its ready to move up ( During Phase C, we'll see whether our "bounce price" ($7K) is accurate or not )
Phase D = The results of our analysis starts showing up here, of whether there is consistent dominance of demand over supply
Phase E = Bitcoin leaves the trading range & the demand is in full control of the price, and the trend up is obvious to everyone
Phase B = Phase B serves the purpose of "Building a Cause", the volume decreases as "smart money" are absorbing the supply of the market. It is critical for this Phase to have a diminishing volume as this will be our indicator for the next future movement
Phase C = A decisive test of the remaining supply, allowing "smart money" to ascertain whether its ready to move up ( During Phase C, we'll see whether our "bounce price" ($7K) is accurate or not )
Phase D = The results of our analysis starts showing up here, of whether there is consistent dominance of demand over supply
Phase E = Bitcoin leaves the trading range & the demand is in full control of the price, and the trend up is obvious to everyone