I understand most charts, but this one is completely beyond me?
Could anyone kindly explain, would be appreciated! Looks interesting lol
It's the bid and ask walls.
If you go here http://bitcoinity.org/markets you'll see it in 2d.
Notice the wall at 125, you can see the ridge in the 3d graph. Those are snapshots of the wall over the last hour. Very little change at the moment. It's taking the 2d walls, making it 3d, and lining them to give you a differnet view.
So it projects that the price will top out around $125 and start to fall after that?
Right now most TA hints at a correction - we just can't keep going up, up, up, we're overbought. But the low volume skews the timeframe as of which it will happen. It may just hold for another few days as new money flows in and latecomers buy on the Chinese news, taking us to $130 or maybe higher. However the longer we stay overbought the harder it will correct.
I would say that a major correction won't happen until Wednesday. Normally that's the day for both the big rallies or crashes. Don't really know what's the logic in it, but that's how it is usually.
