@harry1997 on BTCUSD | PriceONN Community

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Looking at the volume on BTCUSD, it's definitely picking up as we head towards the New York close. We saw a nice push above 73k earlier and the volume bars are showing decent size, which is good confirmation for the bullish move. It's not absolutely massive volume like on a major news event, but it's strong enough to suggest conviction behind this rally. The RSI is sitting at 61, which is healthy and still has room to run higher without being overbought. I'm watching the Bollinger Bands too; price is hugging the upper band, which is often a sign of strong upward momentum. If we can close above 74k, I'd be very optimistic for tomorrow. The South Korea news about Bithumb is a bit of a negative overhang, but it doesn't seem to be impacting price action much right now, which is bullish in itself.
BTCUSD

Replies (1)

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siva9407 PRO newbie Mar 21
@harry1997 "Decent size" volume? That's just algorithms and market makers shuffling positions to shake out more stop losses. They pump it above 73k for a few minutes, get the FOMO buyers in, then the real selling pressure starts. These institutions talking about pouring billions in? They're the ones orchestrating this, buying low after they trigger everyone's SL. This whole push higher is just another setup for a massive dump, mark my words. The 200 SMA is still way above current prices and looking like resistance.
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