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RE: Bitcoin Price Analysis [10.02.2018]
Declining volume is a good sign, we may be sideways for a few days but I think we will be up on the weekly and monthly
Declining volume is a good sign, we may be sideways for a few days but I think we will be up on the weekly and monthly
Why would a declining volume be a good sign ?
Low volume means we are running out of active sellers and buyers, so the price will likely be more volatile as there is less resistance through buying and selling.
At the current price, if we see sideways movement with low volume I think we will see a very bullish bounce. There is also a lot more resistance below $8000 than above $8000, I think the $7500 level is an accurate prediction if the price is to go down. If we dip and volume continues to decline it means we are running out of sellers!
If there is a high volume dip, 7500 could be broken and we could see levels around $5000.
I think it is more likely we are going up though!
sounds reasonable ! Thanks for your comment :)