Hey Team,
I have been monitoring BTC for sometime and reviewed the previous re-distribution on the early 2018 drop.
I am calling a low from here with a couple of key things noted on the chart.
* I have noted 3 rallies; just by visually observing you can see structural weakness. The last rally has been cumbersome on really bad volume.
* Look at the down swings; smooth and big spreads.
* No evidence of demand anywhere; for any move UP we need a dump for liquidity.
* End of rally 3 sees strength to the bears with a smooth long move downwards and poor recovery.
* Latest move of 34000 has a very low volume
Overall I think we see a drop lower. It could be a case where it is a ease of movement move and we drift lower as there is just no demand of significance in the market.
I have been monitoring BTC for sometime and reviewed the previous re-distribution on the early 2018 drop.
I am calling a low from here with a couple of key things noted on the chart.
* I have noted 3 rallies; just by visually observing you can see structural weakness. The last rally has been cumbersome on really bad volume.
* Look at the down swings; smooth and big spreads.
* No evidence of demand anywhere; for any move UP we need a dump for liquidity.
* End of rally 3 sees strength to the bears with a smooth long move downwards and poor recovery.
* Latest move of 34000 has a very low volume
Overall I think we see a drop lower. It could be a case where it is a ease of movement move and we drift lower as there is just no demand of significance in the market.