After upwards momentum died, BTC fell off the channel and is now finding support at main TL. My thoughts right now:
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Initial LPS seemed too weak regarding volume profile and retracement. way to slow decline to be a sort of a shakeout. This dump looks more like it. As long as 7k isnt broken I remain bullish for a potential 8400-ish target. If we leave the trading range I will start to switch to bear mode and build a short position.
Nice analysis - I love the optimistic bullish approach although I side as a contrarian. I would love things to play out as presented here. One question - have you considered the rising cost of data mining (and the different global bans on mining announced recently) and thought about how that may effect supply/demand and resistance levels? Interested to hear your thoughts.
tantamount
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Nice chart. What is the lower indicator? Been studying the S&P lately and getting mixed signals. The supply absorption is a nice tale.
BarrenWaffe
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@tantamount, tradingview.com/script/kVk6pN9z-Volume-Accumulation-Percentage-Indicator-LazyBear/ thats the indicator. I think the difference is that btc supply got absorbed way more quickly through unregulated algo trading. See the barting all the way. Thus we might see a more slower upward trend unless more buyers come in. Operators in btc stop hunting too much right now this might kill buyers short term. We probably went back into the trading range again because of that. Lets see if there are breakout traders above 128SMA (4h). We actually do not need too much demand too move upwards. Else we will need to retest the bottom of the range to gain more momentum through short interest and btfd buyers.