Short term view of BTC [ support showing in the past few days ]
Recent BTC volumes shows a number of time a huge volumes are created at the low price, which is an indication of some big players supporting the price around this range [ highlighted green in image attached].
However, there are some buyers came in around $23,883 area which is enough for the big players to distribute some BTC at the range [red rectangle in 5 mins chart]. This is why it causes a fall in price after that. If there are enough buyers within $23,000 range, then the rebound will not happen. Because big players don't need to mark the price higher to attract more buyers for distribution.
If rebound happens
Based on our approach, the rebound might not be sustainable due to the previous price fall shows sign of controlled price fall / selling to avoid market panic [highlighted in red ellipse]. In our view, the big players might still hold some BTC in hand & wants to distribute more. A small price up will happen & retrace right after.
Disclaimer : The volume data BTC analysis in 5 mins chart is from source that have collective volumes from different exchanges or market maker that they could access to and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.
However, there are some buyers came in around $23,883 area which is enough for the big players to distribute some BTC at the range [red rectangle in 5 mins chart]. This is why it causes a fall in price after that. If there are enough buyers within $23,000 range, then the rebound will not happen. Because big players don't need to mark the price higher to attract more buyers for distribution.
If rebound happens
Based on our approach, the rebound might not be sustainable due to the previous price fall shows sign of controlled price fall / selling to avoid market panic [highlighted in red ellipse]. In our view, the big players might still hold some BTC in hand & wants to distribute more. A small price up will happen & retrace right after.
Disclaimer : The volume data BTC analysis in 5 mins chart is from source that have collective volumes from different exchanges or market maker that they could access to and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.
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