Looking at how Elon Musk & other big boys can influence the crypto market, we can see how easy it is to manipulate the crypto market. This also means these big boys' intentions can be tracked easily through the price & volume action. For small potatoes like us, it is better to follow the big boys that can move the underlying asset price than no “guidance” in the market.
Let’s take a look at what we have found in recent BTC price & volume action tells us.
*Due to the price & volume data for BTC being different between exchanges. The volume & price data for our analysis are obtained from investing.com & cross-checked with various crypto exchanges to match with similar price movements. *
We start to see BTC prices often have high volume when the price is at the bottom. This shows that there is volume going in to support the price around this range.
Right now the BTC price is still moving sideways. If the price continues to move sideways without high volume at the bottom but with a lower volume than the price range above [cool-down period], then we will need to monitor any price & volume up with high volumes right after the “cool-down period”.
*In Addition, *
Never follow the BTC trend in the news or it becomes a hot topic in the market. We notice whenever BTC is on the high side, all the news will be covering good news & bullish outlook about BTC. Then you will also see many “miners” or some crypto investment scheme showing up in the market. The worst thing you will see some businesses, by their business nature itself is not suitable to tokenize their business to start offering initial coin offerings. It sounds like a “mamak” going to have their own token for their customer.
Usually, the price will fall not long after everyone is being so positive about the market. The cryptocurrency market is also the place of sell on rumours & NEWS.
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This blog is for sharing our point of view about the market movement and stocks only. The opinions and information herein are based on available data believed to be reliable and shall not be construed as an offer, invitation or solicitation to buy or sell any securities. Round & Surge and/or its associated persons do not warrant, represent, and/or guarantee the accuracy of any opinions and information herein in any manner whatsoever. No reliance upon any parts thereof by anyone shall give rise to any claim whatsoever against Round & Surge. It is not advice or recommendation to buy or sell any financial instrument. Viewers and readers are responsible for your own trading decision. The author of this blog is not liable for any losses incurred from any investment or trading.
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