High volume high at 29k begging for re-test.
Just to update things now...
Obviously the 29k got re-tested on high volume which got things moving into this 40k region. Wyckoff volume rules state that a break above 40k should likely be accompanied by volume and meet up with the high-volume 60k level we had. Unfortunately, there aren't any high volume targets in the shorter-term to give (the example of a high volume target above from 2 days ago was an easy target to give). Per Wyckoff though we do still have the 95k high volume mark which should get re-tested. Since it appeared on a longer timeframe (it's on the 'max' and the '1-week' Mintpal chart) I wouldn't expect any rush to re-test it.
Per Elliott Wave rules, a break above 40k could have the look of a swift Wave (3) rally which could get us to 60k easily or higher if that comes with volume.
Elliott Wave however also says we could very well be doing a large a-b-c consolidation head-fake for either a large (2) or an unlikely large B correction wave which takes us sideways or back down again (Wyckoff volume rules though say that due to this low volume mode we entered into today, it's not likely to go below the previous 30k or 20k high volume support marks unless someone out there has like 300 BTC-worth of BC they suddenly unload right now...and frankly if someone did that I'd call up my grandma and tell her to buy at that point).
Overall I'd say the tea leaves are pointing up, now whether that comes after some more consolidation or comes immediately.... I couldn't say.
JL
Looks like the buyer(s) who got us above 40k ran out of juice and after some consolidation and no additional buyers an opportunistic seller (or two) tried to get us back below 40k. They threw a lot of volume out there on the way down from 46k and so here we are in this tug-of-war action.
40k is the line in the sand though:
-below that we will likely see 35k area or even 30k re-tested.
-stay above that and we'll be looking alright in the short-term.
JL
This is one of the main reasons I invest in this great coin. The price consolidates and levels out for awhile. Then, it gets bumped up and levels out.
I rarely seems to really go down with the exception of the pump-and-dump.
