Texmo pumps price in bangalore
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Bitcoin mining gold rush
Let's get straight into it! First of all we will take a look at the candle which the red arrow is point at. There are two things to note with this candle:. Long Bearish body with only small wicks.
This tells us that the sellers were in almost complete control throughout that week and therefore it was a very bearish sign for the market. However, while the Volume was above average, it should have had a lot more volume in my opinion if you compare it to the preceding candles which had smaller price ranges yet around the same volume. In short I would have expected a lot more volume with such a strong bearish candle. The next candle, which has a white arrow pointing at it, again has two features I want to talk about:.
Very small body with a lower wick which is about three times the size of the upper wick. This tells me that the previous selling pressure has been overpowered by the buyers enough to stabilize price. The small body indicates that the market was not willing to stay lower than the previous week and there is now more indecision about where price should be going than before, when it was clear price was heading down.
Volume was well above average and near the all-time-high for this period of time. This shows that there was increasing interest in where bitcoin price was going in relation to the USD.
It also tells us that there is a lot of support at these price levels as a lot of that volume was buying pressure to pull the market back up from the 5. At this point you would be waiting to see what the next candle looks like at the end of that week before you make any decisions about whether the market will continue down or reverse up.
The third and final candle is highlighted by a green arrow. Again we have two points to talk about; the candle and the volume associated with this candle:. The body is a fairly strong bullish body but has a decent size upper wick and no lower wick.
The volume is again higher and coupled with the strong bullish body certainly indicates a weekly reversal may be panning out. That is my explanation of the three most recent candles that have closed, I have not commented on the current candle because of course it has only just opened and so doesn't really tell us much.
The only thing I would like to point out is that price is now testing that sloping down trend line currently and if this week's candle can close convincingly above this trendline and with high volume then I would be much more confident that we are in fact in a bull trend for the longer-term now. Let's start by talking about the falling red trendline, which I have adjusted for the daily chart. This obviously looks different than the weekly chart did because price is not hitting this trendline on the daily like it was on the weekly.
Therefore we still have some time before price hits the trendline to see if it will hold, and then we will continue the downtrend, or if price breaks that trendline and we go up. Another point of interest for me is that price went up to the 0. I believe this is another strong resistance area which needs to be broken to really confirm that we are in fact now in a bullish trend.
The first I have highlighted within a blue ellipse. If you look at the volume that corresponds to this movement up, the volume was very weak and therefore it was no surprise that particular up-movement was a bull trap. Now if we look at this current period of upwards movement, highlighted by the green ellipse, the volume associated with it is much, much stronger and so is certainly supportive of a longer-term bullish outlook for BTC vs the USD.
In conclusion for the daily chart, I am waiting for significant price movement above, and closes above, the 0. If we can achieve that then I will be much more bullish on Bitcoin vs the US Dollar for the long-term. So, don't panic if we don't keep going straight up and break them resistance points right away! On a personal note I do believe this is the start of a new longer-term up-trend but I am just staying open-minded as you always should! Thanks for reading guys and your comments and thoughts are always appreciated, let's figure this out together!
This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in. I'm bullish on Bitcoin, but, i think we will drop again before going through You have completed some achievement on Steemit and have been rewarded with new badge s:.
Award for the number of comments. Click on any badge to view your own Board of Honor on SteemitBoard. For more information about SteemitBoard, click here. If you no longer want to receive notifications, reply to this comment with the word STOP. By upvoting this notification, you can help all Steemit users. There are two things to note with this candle: The next candle, which has a white arrow pointing at it, again has two features I want to talk about: Again we have two points to talk about; the candle and the volume associated with this candle: Daily Time Frame Next let's look at the daily chart: Authors get paid when people like you upvote their post.
It's hard for me to tell, but buying either way. I think we will go up. Tks for the awareness man. Hope to go up You have completed some achievement on Steemit and have been rewarded with new badge s: For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP By upvoting this notification, you can help all Steemit users.
Thanks a lot for your efforts!