Feels like now is as good a time as ever for a volume update...
Per MintPal:
-6-hour chart showing a lot of chop and there are no unresolved targets left to hit; not bearish or bullish.
-24-hour chart also has a lot of chop and no unresolved targets left to hit, however the increasing volume with rising price from the low-7000's to upper-8000's and then decreasing volume on very minor pullback is beautiful. Buyers are content and willing to wait. Sellers will be shitting themselves on the next up-swing.
-3-day chart also has some chop with not much of an unresolved target at 8700. Overall consolidation between 8000-8700 looks likely.
-1-week chart has the high-volume candle from April 4 at 9500 begging to be re-tested; again we see the bullish pattern of rising volume on the increases, falling volumes on the slight pullback...this thing is gathering up many BC holders who are willing to wait out some consolidation for bigger gains.
-"max" chart
had bearish volume off-the-top from March 24 after the initial peak which was on very high volume; this is attributable mainly to pump-and-dumpers as well as a lot of traders 'selling the news' ("buy the rumor, sell the news") after the blackpool beta got under way. Luckily after the dumpers got out they left cheap prices for longer-term holders/believers, hence the coin moved back up on steadily increasing volume instead of dying off in a stair-stepping fashion like we've seen many many many other cryptocoins do.
Looking forward, a re-test of 8000 or even upper-7000's wouldn't surprise me in short-term, I would consider them gifts from weak hands, but clearly the buyers are coming to BC and so 9500 is the main re-test target. Also I wouldn't be surprised to see more 'buy the rumor, sell the news' mini pump-and-dump type of action leading up to this press release for "Black Wednesday". So a break above 9500 on increasing volume would be glorious to see; we'll see if Wall Street takes notice. So far, my buddies there still think BTC is the only game in town, though they have heard some things about dogecoin....so essentially BC has so so
so much room for growth still it's ridiculous.
Previous BC calls:
https://bt.irlbtc.com/view/469640.msg6089423#msg6089423https://bt.irlbtc.com/view/469640.msg6072629#msg6072629https://bt.irlbtc.com/view/469640.msg6071427#msg6071427JL
Obviously, we hit the 9500 target, and then some. But clearly there are many traders who would rather take measly scalping profits at sub-10k, versus holding long for the serious gains. Today was definitely a 'buy the rumor' day, which means tomorrow could very well be 'sell the news' day
IF the 'Black Wednesday' hype doesn't live up to the hope. FYI a BlackPool Investment vehicle is a fantastic idea but it won't happen overnight and it will require very expensive time-consuming securities lawyers...not just some fancy Photoshopping.
Volume-wise, there is more bearish potential now in the short and long term than bullish; for example the high volume sell-off off the highs today is not something you want to see. On the bright side though it was a very tame pullback which can be overcome. Bulls can easily takeover from here if they want, however I'm weary of the 'sell the news' aspect we'll be facing tomorrow.
In close, the most bullish aspect of today was not the price increase but rather the multipool growth, which, given enough time and consistency of size, will obviously help the coin topple even the mighty BTC someday.
JL
