Look at this, yesterday on OKX, trading volume was higher than February 5th and yet all the selling was absorbed by buyers. This is very important if you are aiming for a lower low, or if you are betting on a reversal.
For the low end, this is bad news. This is a signal that clearly shows that buyers are present even before the $60,000 mark is challenged.
As for the reversal, this is great news because this kind of power doesn’t happen very often. If this amount of selling happened yesterday, it is unlikely to happen again. If sellers fail to push prices down, and actually fail to break the support several times, the bullish bias is strengthened.
We already have a signal from the RSI but we can always add more. The support is confirmed and with this confirmation the market reverses and grows. The minimum is to challenge the last peak which means a price of approximately $83,000. If the market is very bearish, you will get a minimum test of the MA200 (about $78,000).
Bearish or bullish, both scenarios indicate a bullish wave. I am of a bullish view, but we have to take into account all scenarios; A higher rise comes next.
Thank you for reading.
Namaste.
