Can someone please explain the right bar chart on this graph? What does it mean and how do I interpret that?
ertha013
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@onlysuper, It's called Fibonacci extension, which helps us trader to get an idea of what levels that the price should be falling or you should be taking profit : )
In this case, based on @EXCAVO chart, the 38.20% is currently in play since the price is heavily pulling back.
However his predicted short-term support level is around 10K and we could be aiming higher (if the level does it job) to hit 61.8% fibo. level which is also where the channel line would be as well.
onlysuper
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@ertha013, thanks but I’m not talking about Fibonacci I’m talking about the right horizontal bars on the right side of the entire chart. There are bars in red and green going horizontally.
@CallMeEasy, I’m not talking about the volume indicators on the bottom of the candlesticks. I was referring to the horizontal bars on the chart. The bars are green and red and going horizontal.
onlysuper
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@CallMeEasy, disregard last comment. Thank you! I understand now
@onaivas, Only 16.8 million exist. You mean 400M USD worth?
CryptoSwindle
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@onaivas,
Quote: "Who was the trader who made the astonishing investment?"
Quote: "The actions of one anonymous trader"
What do you smell from both those sentences? That's right. Same website who fomo'ed before the top now does it again. What is that saying again, fool me once ... fool me twice ... ? Yep, that's my perspective.
Bonus: Have you seen any natural pullbacks so far? What does it remind you off if you've traded btc for the last several years? Yep, thought so.
RealMcafee
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@cryptogast33, I am also naturally very suspicious of this behaviour, but if a few people are together buying very large numbers of coin and the crowd is riding for free (many of whom are just gambling, knowing absolutely nothing of markets or TA) then it is possible pullbacks will be suppressed as they see any tiny dip as a bargain. Crypto is totally manipulated, so it is better to recognise this and just follow the trend whilst being aware of the signals. Right now I can see a number of strong bearish signals, but the price action is bullish - that's just Bitcoin + fomo, but I'm ready long or short, don't care. until clear signals return better just to ride the trend and take profits often. Happy days.