$BTC dropped $2,275 in a single hour last night, and the wick tells you more than the candle.
The 21:00 UTC candle went from 75,785 to 73,510 on about $180M of volume, roughly 3.7x the 7-day hourly average. It was one of the heaviest hours of the week, and it happened on a quiet Sunday night. Buyers stepped in right away, and price has climbed back about 2.4% to 75,277.
What I'm watching:
• 76,200 is the 24h high and the ceiling of the weekend range. A close above it would mean the flush was just a stop hunt.
• 73,510 is the wick low. A retest that holds would set up a higher low. Losing it opens up a lot of empty space underneath.
• The 7-day moving average (168h) sits near 77,100. Price is below it, and the week is down 4.3% from 78,634. The 7d high was 81,196.
One thing bothers me. Total 24h volume is about $806M, around 31% below the 7-day daily average. Outside that one panic hour, the bounce has been quiet. A recovery on thin volume can easily fade once Europe and the US come online.
Do you think the wick marked the low, or are we coming back to 73.5k?
Not financial advice.
#Bitcoin #BTC #CryptoTrading
The 21:00 UTC candle went from 75,785 to 73,510 on about $180M of volume, roughly 3.7x the 7-day hourly average. It was one of the heaviest hours of the week, and it happened on a quiet Sunday night. Buyers stepped in right away, and price has climbed back about 2.4% to 75,277.
What I'm watching:
• 76,200 is the 24h high and the ceiling of the weekend range. A close above it would mean the flush was just a stop hunt.
• 73,510 is the wick low. A retest that holds would set up a higher low. Losing it opens up a lot of empty space underneath.
• The 7-day moving average (168h) sits near 77,100. Price is below it, and the week is down 4.3% from 78,634. The 7d high was 81,196.
One thing bothers me. Total 24h volume is about $806M, around 31% below the 7-day daily average. Outside that one panic hour, the bounce has been quiet. A recovery on thin volume can easily fade once Europe and the US come online.
Do you think the wick marked the low, or are we coming back to 73.5k?
Not financial advice.
#Bitcoin #BTC #CryptoTrading
