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RE: Bitcoin Market: Finger on the trigger.
Good info. Seeing the willingness of the market to go to 5,500 makes me a little more bearish in the near term, as opposed to a sideways market, but it may have just been a head fake to blow through stop losses.
Thanks @crypto-investor, I still think we need some real panic and high volume capitulation before the market starts a brand new cycle of accumulation. That $5500 mark represents the very bottom edge of the current balance and there is absolutely no volume underneath. Volume wells generally act as repellent for the price unless there is some strong momentum/volume in which case it'll produce one of these large candles. If we produce one of these I reckon it'll be a capitulation candle down to the $ 4500-ish area which is a much stronger value node. Once there, the direction of the auction will depend on market sentiment/willingness of large players to support the price. In any case I am not going into anything heavy before I see either capitulation or accumulation, trading with the trend ;)
PS: have you given up making YouTube videos?