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is this $btc range accumulation or distribution?
i'm betting on accumulation, here's why:
A) a wick like that at the end of a sell-off takes great buy pressure, which signals to me either: i) whale movement, or ii) unified market agreement that that price is a good deal.
i'm betting on accumulation, here's why:
A) a wick like that at the end of a sell-off takes great buy pressure, which signals to me either: i) whale movement, or ii) unified market agreement that that price is a good deal.
B) fast strong rejection of that wick zone creates a bullish engulfing and leads to a rally to almost 7k.
C) post-rally, price can't even get back into that zone. water level rising.
also: the 'barting' has started w/ candles up. back in '18-'19 crypto winter that's what happened too. upward barts were later revealed to be a tell that buyers were taking over. (short squeezes)
conversely, the barts happened downward after july '19 post-14k top (long squeezes)
conversely, the barts happened downward after july '19 post-14k top (long squeezes)
anyways -- could be totally wrong! -- but that's what i'm observing on the charts.
wdyt?
wdyt?
p.s. counter-argument to this is the wick was generated by smart traders using this zone to cover shorts into panic selling / late shorts (and after a big scary candle, there are *always* panic sells and late shorts)
they could be going flat or hedging https://twitter.com/thalamu_/status/1250494913398992896?s=20
they could be going flat or hedging https://twitter.com/thalamu_/status/1250494913398992896?s=20
