@chinwe5356 on BTCUSD | PriceONN Community
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I've been looking at the volume charts, and it's a bit confusing. When the price dipped earlier, the volume spiked a little, which usually confirms a downward move, right? But then, when it tried to recover, the volume seemed to drop off. This makes me wonder if the sellers are still in control or if buyers are just hesitant. It feels like the current neutral trend isn't being strongly supported by trading activity. I'm not sure if this is a sign of a potential reversal or just a pause before a bigger move. It's hard to tell when the volume isn't clearly confirming the price action.
Replies
Hi @chinwe5356, that's a common point of confusion with volume. On the hourly chart, the initial spike on the dip could indicate some panic selling or stop hunting, but the subsequent drop in volume on the recovery attempt is more telling. It suggests a lack of strong buying conviction to push price higher. We just saw that Bithumb IPO delay, which adds some uncertainty to the Asian markets, and then the US jobless claims dropped, which is generally good for the dollar but could be mixed for risk assets like BTC. I'm leaning towards sellers still having some control until we break above the S2 pivot at 65536 and hold it. We'll see how the NY session plays out.
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Hey @chinwe5356, volume is just a tool for the scaredy-cats! 😹 When the price moves, you move with it! That little spike on the dip? That was just the weaklings getting shaken out before the real pump. And the volume dropping on recovery? Means nobody's selling now, duh! That's why I'm already long. Trust your gut, not some confusing charts! 😎