Hello traders, This is only an educational post showing what really happened and how Bitcoin gave us the signs few days ago. Let me know if you have any questions in the comment section. - Abdulla
i think the volumes are increasingly important in the further price developments. considering that the price is almost 100% higher than 3 months or so ago, and the volumes are also higher, the overall volume must have increased by 1000% or so in the last months! you can also see that in the exchanges where even the daily trading volumes increased drastically. considering the upthrust, in my opinion it looks a bit like driving the price higher artificially just to get the big short in, which makes me look out for the big countermovement, where a similar volume could be expected. however, after the market volumes will reach a certain level and the bitcoin a certain market capitalization, i think that will be it for a while unless there will be a bitcoin etf or something next year, but i cant really imagine that because of the speculative nature of the bitcoin.
Gummibear
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Short question regarding "support broken": what criteria do you use to determine that the 6700 zone is/was support?
My best guess would have been that support could be found somewhere between 6350 and 6150 (because I would say that BTCUSD has been moving higher in Fib extensions, and this area would represent a 50% retracement = still a pullback in an uptrend). Just my 2 cents. All the best.
kushkush
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I agres BTC is bearish mode but 1000$ still a pull back when it comes to BTC?