Feels like now is as good a time as ever for a volume update...
Per MintPal:
-6-hour chart showing a lot of chop and there are no unresolved targets left to hit; not bearish or bullish.
-24-hour chart also has a lot of chop and no unresolved targets left to hit, however the increasing volume with rising price from the low-7000's to upper-8000's and then decreasing volume on very minor pullback is beautiful. Buyers are content and willing to wait. Sellers will be shitting themselves on the next up-swing.
-3-day chart also has some chop with not much of an unresolved target at 8700. Overall consolidation between 8000-8700 looks likely.
-1-week chart has the high-volume candle from April 4 at 9500 begging to be re-tested; again we see the bullish pattern of rising volume on the increases, falling volumes on the slight pullback...this thing is gathering up many BC holders who are willing to wait out some consolidation for bigger gains.
-"max" chart had bearish volume off-the-top from March 24 after the initial peak which was on very high volume; this is attributable mainly to pump-and-dumpers as well as a lot of traders 'selling the news' ("buy the rumor, sell the news") after the blackpool beta got under way. Luckily after the dumpers got out they left cheap prices for longer-term holders/believers, hence the coin moved back up on steadily increasing volume instead of dying off in a stair-stepping fashion like we've seen many many many other cryptocoins do.
Looking forward, a re-test of 8000 or even upper-7000's wouldn't surprise me in short-term, I would consider them gifts from weak hands, but clearly the buyers are coming to BC and so 9500 is the main re-test target. Also I wouldn't be surprised to see more 'buy the rumor, sell the news' mini pump-and-dump type of action leading up to this press release for "Black Wednesday". So a break above 9500 on increasing volume would be glorious to see; we'll see if Wall Street takes notice. So far, my buddies there still think BTC is the only game in town, though they have heard some things about dogecoin....so essentially BC has so so so much room for growth still it's ridiculous.
Previous BC calls:
https://bitcointalksearch.org/topic/m.6089423
https://bitcointalksearch.org/topic/m.6072629
https://bitcointalksearch.org/topic/m.6071427
JL
Per MintPal:
-6-hour chart showing a lot of chop and there are no unresolved targets left to hit; not bearish or bullish.
-24-hour chart also has a lot of chop and no unresolved targets left to hit, however the increasing volume with rising price from the low-7000's to upper-8000's and then decreasing volume on very minor pullback is beautiful. Buyers are content and willing to wait. Sellers will be shitting themselves on the next up-swing.
-3-day chart also has some chop with not much of an unresolved target at 8700. Overall consolidation between 8000-8700 looks likely.
-1-week chart has the high-volume candle from April 4 at 9500 begging to be re-tested; again we see the bullish pattern of rising volume on the increases, falling volumes on the slight pullback...this thing is gathering up many BC holders who are willing to wait out some consolidation for bigger gains.
-"max" chart had bearish volume off-the-top from March 24 after the initial peak which was on very high volume; this is attributable mainly to pump-and-dumpers as well as a lot of traders 'selling the news' ("buy the rumor, sell the news") after the blackpool beta got under way. Luckily after the dumpers got out they left cheap prices for longer-term holders/believers, hence the coin moved back up on steadily increasing volume instead of dying off in a stair-stepping fashion like we've seen many many many other cryptocoins do.
Looking forward, a re-test of 8000 or even upper-7000's wouldn't surprise me in short-term, I would consider them gifts from weak hands, but clearly the buyers are coming to BC and so 9500 is the main re-test target. Also I wouldn't be surprised to see more 'buy the rumor, sell the news' mini pump-and-dump type of action leading up to this press release for "Black Wednesday". So a break above 9500 on increasing volume would be glorious to see; we'll see if Wall Street takes notice. So far, my buddies there still think BTC is the only game in town, though they have heard some things about dogecoin....so essentially BC has so so so much room for growth still it's ridiculous.
Previous BC calls:
https://bitcointalksearch.org/topic/m.6089423
https://bitcointalksearch.org/topic/m.6072629
https://bitcointalksearch.org/topic/m.6071427
JL
Appreciate your analysis, bc has tons of room to grow and technicals look sound, but they are neutral for now without a breakout.
