At 3 p.m., this hourly candle pushed all the way to 205 from $QNT . My first reaction was to check the daily chart.
After looking, it was kind of interesting.
For the past two weeks, it’s basically been trapped in a range:
The lower end, 185-186, was bought up on 11/4, 11/5, and 11/6.
The upper end, 208-211, was pushed back down three times on 10/31, 11/4, and 11/5.
Now it’s a little above 202, just one push away from the upper end 😅
I also took a look at the volume.
At 9 a.m. and 10 a.m., each hour was only around a hundred thousand dollars or so.
Starting at 14:00, it opened up to over 800,000, and this 15:00 candle is just over a million.
Someone is pushing it, but in a 24h market with just over 10 million, that’s not exactly super aggressive.
On the broader market side, $BTC 7.6 万 and $ETH 2244 were both only up about 1%, so this candle isn’t being driven by the market—it’s doing its own thing.
My approach is simple:
If volume expands and it holds above 211, I’ll count it as a breakout from the range and follow with a small position.
If it runs into 208-211 and then pulls back on lower volume, I’ll treat it as being capped for a fourth time and won’t buy.
If it drops back below 195, I’ll act like this whole move never happened.
Weekend liquidity is thin, and I’ve seen too many cases of people chasing the top of a range and getting trapped. I’d rather wait and let it prove itself first.
What do you think—can it break through 211 this time, or is this another one-day range-top move?
Just my personal watchlist notes; manage your own position responsibly.
After looking, it was kind of interesting.
For the past two weeks, it’s basically been trapped in a range:
The lower end, 185-186, was bought up on 11/4, 11/5, and 11/6.
The upper end, 208-211, was pushed back down three times on 10/31, 11/4, and 11/5.
Now it’s a little above 202, just one push away from the upper end 😅
I also took a look at the volume.
At 9 a.m. and 10 a.m., each hour was only around a hundred thousand dollars or so.
Starting at 14:00, it opened up to over 800,000, and this 15:00 candle is just over a million.
Someone is pushing it, but in a 24h market with just over 10 million, that’s not exactly super aggressive.
On the broader market side, $BTC 7.6 万 and $ETH 2244 were both only up about 1%, so this candle isn’t being driven by the market—it’s doing its own thing.
My approach is simple:
If volume expands and it holds above 211, I’ll count it as a breakout from the range and follow with a small position.
If it runs into 208-211 and then pulls back on lower volume, I’ll treat it as being capped for a fourth time and won’t buy.
If it drops back below 195, I’ll act like this whole move never happened.
Weekend liquidity is thin, and I’ve seen too many cases of people chasing the top of a range and getting trapped. I’d rather wait and let it prove itself first.
What do you think—can it break through 211 this time, or is this another one-day range-top move?
Just my personal watchlist notes; manage your own position responsibly.