Bitcoin is currently showing some interesting volumes signatures across the board.
But the most significant of all is coming from Bitfinex exchange. We will look into Bitfinex books bellow.
In the macro monthly chart, we can see momentum characteristics coming out of this correction similar to those seen in the 2013 correction that took around 3 months to complete.
The market printed a local top every time the RSI hit 95% levels after a serious rally with several months of duration and we have similar ongoing momentum signature with the Signal RSI (a fast but smoothed RSI) we can see an aggressive downside extension at near 50% levels.
Price also came down to the 29-25k price levels with is important support range due to the fact of being correlated with the Quarterly Open and Previous Quarter's trading Average price.
When we see this kind of correction so fast and so aggressive. Chances are that the pullback into new highs will also be quick.
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In the picture bellow with the help of Tradinglite we can see unusual buy volumes coming out of the 4H timeframe.