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RE: Bear Traps and Bull Traps in Bitcoin
Nice analysis. Volume is definitely a key indicator. Without volume, you can't get significant price action! The price of a tradeable asset will always be on the supply of buy and sell orders. If one outweighs the other, the price will move. If they are about the same, the price will typically stay pretty stable. Buyers and sellers are always trying to move the price in the direction they want it to go. Therefore, when there are more buyers than sellers, the price will rise until more sellers show up to outnumber the buyers! It's simple economics playing out in front of our eyes! Interesting bit about the order activity on Binance. There are a lot of myths out there about that particular exchange. Great post!