🅱️ Bitcoin CME Futures 1h: Bear Volume ($29,845 Next)

29 Feb 2024

When Bitcoin produced the highest volume in months on 9-Jan. 2024, on the 1h timeframe, it signaled the start of a strong retrace.

The highest volume in months came in 9-Jan. but the highest this year came in 11-Jan. 2024.

➖ Bitcoin moved from a high of 47,460 to a low of 38,540, a 22% drop.

On the 28th of February 2024 at 13:00 Bitcoin produced the highest bearish volume bar on the 1h timeframe since 8-November 2022. Making this session the most bearish in years.

There is another high bear volume session only a few hours later that is only matched by 3-4 sessions in a period of almost two years.

As soon as this strong bear pressure came in, price action patterns changed completely and the more than one month long rising trend behaviour changed.

This signal is telling me that Bitcoin's strong rise is coming to an end.


👉 The correction low should end between the 25,640 to 34,050 price range.

Thank you for reading.

Namaste.

29 Feb 2024

Catatan

The change in price action patterns for the first time in a long while is due to the fact that the bots algorithms have been updated.

Change means change and implies change.

If the bots have ben changed, it is because we will see change.
We've been living through an uptrend and change can only mean something different; a downtrend.

It will be apparent within a few days and maximum a week or two as the change took place only a few hours ago and it takes time before its spreads out and becomes evident all across.

The market sentiment reached "extreme greed" for the first time in a long while. The highest reading in more than two years if I am not mistaken.

Bitcoin traders, buyers and holders are currently feeling extreme greed. This metric alone should be cause for caution.

At this point, caution is advice by all conscious, intelligent and avid traders.

I can tell you something with 100% certainty: This might not be the top, but I am 100% positive that this isn't the bottom. Bitcoin is trading at its highest level in more than two years... Stay safe.

Namaste.