BTC after-China-powered-news OverviewOleg Alexandrov
Some good news from China has arrived. What the chart is telling?
1) The highest volume on up-bar with next bar down. A lot of SLs of sellers were triggered when price broke out above 10k. Many FOMO-buyers and their bots entered long (they planned new ATH above 20k). But what did happen next?
2) ND – attempt to advance on low volume. Weak activity caused by lack of buyers – BTC is too expensive around 9800. Next SB confirmed ND.
3) The decline culminated in Panic Selling bar around 9k. What next? We got Panic+SLKB+NS sequence around 9k.
4) So, the appearance of this DB was very promising for bulls.
5) But what did happen when price achieve the previous zone of weakness 9800? ND = No Demand and SLKT (Stop loss killing at Top). Bearish sequence.
6) Here is ND+SB and Bearish Cha Cha.
So, after Major FOMO sign, 9800 is controlled by bears. Currently, the bearish wave is developing.
from the facts above, I’d like to expect more bearish development with attempt to breakdown 9k.
Remember, we have Huge 3-months 10k-13k ZOW overhead.
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