BTC’s Big Volume Candles Control the Action

Anyone who was watching today so a heck of a price swing out of BTC.  Price pushed through 9,000 only to give it back minutes later to begin a near-term sell off.

Shaking Weak Hands?

Many people have theories about candles like these, they press through a commonly watched level to trigger buy or sell orders only to whip right back in the expected direction.

Look at the hourly chart I have posted here.  That first big volume big body red candle is a clear indication of that.  Anyone who was short BTC using the most recent high as their stop got owned only to watch price come down.

Anyway, after getting this sell off you see we got a capitulation type candle when volume spiked again and price bottomed out.

Where things go from here are a coin-flip I suppose as you never know when one of this huge volume candles will come to play, but when you look at the daily chart price stayed within this recent ascending channel, though today’s price action took it from top to bottom.

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