Daily GXSBTC volume has diminished quite a bit, and we are seeing the immediate aftermath of huge volume accumulation. That increase in volume and buying pressure set off a pump, and a long exhausted wick set the market sideways.
Just a few candlesticks can tell us a lot - we recently had all GXS on the market from ~4700 sat to ~6000 sat bought up in a single candle, immediately after which the accumulation abruptly stopped. Shortly after that GXS was sold for a 40-60% profit over a two-candle period that exhausted the buyers on the market. They effectively cancelled each other out.
Will have to wait for volume to start coming in to judge the market sentiment.
Just a few candlesticks can tell us a lot - we recently had all GXS on the market from ~4700 sat to ~6000 sat bought up in a single candle, immediately after which the accumulation abruptly stopped. Shortly after that GXS was sold for a 40-60% profit over a two-candle period that exhausted the buyers on the market. They effectively cancelled each other out.
Will have to wait for volume to start coming in to judge the market sentiment.
This is in contrast to very sharp increases in accumulation which have coincided with a sideways trend or bearish sentiment.
A strong bull signal would be MA (14) (orange line) crossing through the volume accumulation/distribution ratio (blue line), both with an upward trajectory. Until then, sideways market continues.