The price bounced from the support zone formed by SMA50, SMA100 and the downtrend line. RSI confirms price reversal. MACD histogram supports an upward movement. ADX line rises and it tells us that the bulls become stronger. DMI also confirms that the market is going to move higher. If the price breaks the previous swing high, probably 12000.00 level will be reached very quickly. Any way, the market becomes more bullish and we should expect that the upward movement will continue.
P.S. For better understanding movements in this market, I advice you to read a full market overview based on the weekly, daily and 4H timeframes. You can find the posts in the related ideas.
@DLavrov, This is my speculation on volume. The meme from the whales is to acquire more btc. The more you have, the less the market does = the higher the price per unit. It therefore does not require much volume to raise the market. There are 112 accounts that hold 20% of the market. In my opinion the market is slowly being cornered.
@CARBONMAN, and what does it means for bitcoin pricew in perspective?
deCarbonMan
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@IVAN.dubov, I would speculate then that previous volumes cannot be used as an indicator of future trends. The more btc that gets vaulted the smaller the volumes that can be traded. That implies two things. 1. The greater the ability for the whales to manipulate the market. 2. The higher the price will ultimately go.
@DLavrov,
Dmitriy, I'm still staying out of market...
Ideas... In 240min chart - test of 11600, then return to 11000-11200. (with yours trend channel)
In daily chart it is still seems to be a test of 11k ressistance zone.
Probably signals - price higher than 11768 (last maximum). In that case I'm gonna enter long position at next minimum (at 60 min)
Or lower 10750 - I'll be looking for short enter
ivan.dubov
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@DLavrov, I've found the volume, Dmitriy.
But BTC is still balancing...
I think the ressistance is at 11000