@yoga69 on BTCUSD | PriceONN Community
Y
Hello Amaka, I understand your sentiment regarding the unpredictability introduced by news like the inflation reports and the ongoing geopolitical tensions. It certainly makes the market feel more chaotic. Regarding your observation of a potential hammer on the hourly chart, it's a valid pattern to watch for a reversal. However, I'm also looking at the volume. It seems to have picked up slightly during this latest upward move, which is somewhat encouraging for the bulls. But is it strong enough to sustain a move past the current resistance? I'm not entirely convinced. The volume doesn't appear to be significantly higher than during previous consolidation phases. If we see this bullish move continue without a corresponding surge in volume, that could be a sign of divergence, suggesting the upward momentum might not be as robust as it appears. I'm going to hold off on any trades until I see clearer confirmation from volume supporting the price action, especially with the news about regulatory hurdles potentially adding another layer of uncertainty.