Well, Bitcoin pulled back but not in a major way as we mentioned. It simply began a sideways move that has allowed for the price to now fall back into the upper band of the Bollinger Bands. This is good.
When this has occurred in the past it has setup another strong push up! So, let's keep our fingers crossed for that! 🤞
The volume has gone back down to the past declining trend that we have been watching over the last month. This is interesting to watch as we haven't seen any large sell volume since breaking $12K.
As many know, $12K is a major sell point as a large amount of BTC holders are profitable above $12,000 USD. The fact that we haven't seen sell volume increase means that either we have fewer weak hands now and more dedicated holders or simply that sentiment is good and investors believe Bitcoin will continue to move up!
The fact that more corporate monies have flowed into BTC in the past few months has likely made more believers out of what were once weak hands! Be prepared for another move up soon! 🚀
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.