Taking a break from charting and see what interesting is happening with the stock market, because the news we do not indulge.
There is such an interesting picture about the psychology of the trader, though a bit broken (seen in different variations), but maybe someone haven’t seen. It will be important for further debriefing.
It is not the question, but when to start buying? I think the Koreans has long has the answer: go to coinmarketcup and watch the ranking of stock exchanges by trading volume. More recently, Bitmex was the undisputed leader of the top, now on 1st place, and quite quickly came Bithumb. If anything, they have no margin trading. Where it is up to him Bitfinex, with its “measly” $325 million per day?
The psychology of a trader:
Coinmarketcup, trading volume on the major cryptocurrency exchanges:
That is, for a long time, since the end of August 2018, someone taritsya in Bithumb huge volumes and the price of the cue is not growing. It looks like this:
What does it mean? While many sit and wait for the coin for $3,000, whales vengeance are purchased on the Korean stock exchange, is not particularly attracting attention. Remember the recent story with Bitfinex (I’m not vain mentioned it above, Yes) How much was the noise from Tether! So, what now? Courses on most of the exchanges virtually leveled, all as if nothing happened. But how much noise!
I already said do not expect a sharp growth beginning, rather, it will be smooth, so that the majority of traders will treat this movement with distrust (again carefully look at the first picture).
By the way, the structure of trading on the Bithumb in the last day, 60% of the total distributed almost equally between BTC, ZEC!!, XMR. Do the conclusions!
Overall, the market is now moving away from the Sunday of euphoria, the viola, which makes sense, reached to the correction, there are interesting coins from the top that can be purchased.
And briefly on the situation of now: a sideways movement in the subchannel AB, strong resistance is its middle — $6 600 and just above the boundary of the large triangle is $6 700.
With the current balance of power the process of accumulation/movement within a large triangle (ugh, how many of them have been recently!) can easily last up to 20-30h of November.
Stay tuned for more details!