Bitcoin Price action Dec 2020 to August 2021
Some notes on volume and price from December 2020 to August 2021.
Major notes:
- Price can rise even on falling volume. It just means the market remains in a fragile uptrend.
- See price increasing from Jan - May even though volume was trending down.
- End of May to start of August 2021 price remained at bottom of range (white lines) but volume started to trend up showing accumulation.
- Large Wyckoff distribution. Higher high 3 times to $64K top, then paints a lower high before massive price crash in May 2021.
- Enters into stagnant May to August before breakout.
Prediction:
- August will consolidate around 40K and then move to higher highs for latter part of year. $100K + still looks in play. Needs to break above $42K before the trend change is confirmed.
Major notes:
- Price can rise even on falling volume. It just means the market remains in a fragile uptrend.
- See price increasing from Jan - May even though volume was trending down.
- End of May to start of August 2021 price remained at bottom of range (white lines) but volume started to trend up showing accumulation.
- Large Wyckoff distribution. Higher high 3 times to $64K top, then paints a lower high before massive price crash in May 2021.
- Enters into stagnant May to August before breakout.
Prediction:
- August will consolidate around 40K and then move to higher highs for latter part of year. $100K + still looks in play. Needs to break above $42K before the trend change is confirmed.