While the blue circle can be considered a selling climax as it was accompanied by huge volume and a strong subsequent rally, the huge red volume bars are definitely something to consider. According to Wyckoff, in a market bottom, downward actions must have low volume. ( = selling pressure losing force)
The fact that it bounced straight up after a big-volume dump and that it is moving sideways only after (not before) the Tether pump just under the 20 EMA resistance can be a sign of distribution. The huge green volume bar created by the Tether FUD had no follow-through.
Everything above $220 was distribution.
Meanwhile, I'm seeing many long recommendations on Twitter and Tradingview, which further adds to the possibility of a drop. My personal guess is a trip to $146 ~ $170 range. If that fails, $85~$100 range.
The fact that it bounced straight up after a big-volume dump and that it is moving sideways only after (not before) the Tether pump just under the 20 EMA resistance can be a sign of distribution. The huge green volume bar created by the Tether FUD had no follow-through.
Everything above $220 was distribution.
Meanwhile, I'm seeing many long recommendations on Twitter and Tradingview, which further adds to the possibility of a drop. My personal guess is a trip to $146 ~ $170 range. If that fails, $85~$100 range.