$DOOD The 5-minute period fell 3.70%—a sharp drop. The rebound is what’s worth watching
The just-completed 5-minute candle fell 3.70%, with a trading volume of 2.052 million USDT, 2.13 times that of the previous period of equal length.
The sudden short-term drop came with increased volume, but the slower timeframe’s latest completed close remains above both the fast and slow moving averages. The pullback is sharp, yet the relatively strong price position has not been overturned. For now, the two timeframes are pointing in different directions.
However, volume on the slower timeframe is only near its average, and the close has not moved above the previous range’s upper boundary, so there is still little confirmation of a continued uptrend. If a subsequent completed candle closes back below the moving averages, the bullish view will need to be tempered. If price holds and breaks above the range’s upper boundary, this pullback will look more like an interim fluctuation.
The 15-minute range is 0.001849–0.002941. Which piece of evidence would change your view more: the closing price, or sustained volume?
#MarketWatch
Disclosure: This article participates in Plaza content mining and may earn trading rebates and engagement rewards.
The just-completed 5-minute candle fell 3.70%, with a trading volume of 2.052 million USDT, 2.13 times that of the previous period of equal length.
The sudden short-term drop came with increased volume, but the slower timeframe’s latest completed close remains above both the fast and slow moving averages. The pullback is sharp, yet the relatively strong price position has not been overturned. For now, the two timeframes are pointing in different directions.
However, volume on the slower timeframe is only near its average, and the close has not moved above the previous range’s upper boundary, so there is still little confirmation of a continued uptrend. If a subsequent completed candle closes back below the moving averages, the bullish view will need to be tempered. If price holds and breaks above the range’s upper boundary, this pullback will look more like an interim fluctuation.
The 15-minute range is 0.001849–0.002941. Which piece of evidence would change your view more: the closing price, or sustained volume?
#MarketWatch
Disclosure: This article participates in Plaza content mining and may earn trading rebates and engagement rewards.