I'm in. Read some of the threads with concerns regarding changes in substantial holders with parcels needing to be sold at end of April. And one would expect a sharp drop to follow.
However, I'm seeing a lot of volume absorption:
-Technically price just broke down from a symmetric triangle pattern, and usually this is bearish and a strong move down should follow, however, I see absorption, and a move back up into the triangle pattern, AND with numerous volume spikes. This is a Bullish TRAP aka Tree-Shaker, and the volume spikes feel like there is institutional involvement, with large volumes to buy, waiting for a trigger that'll lead to a lot of selling/stops that will give them a good chance to fill their buy order.
-Could also be some institutional players waiting for the perfect moment (in this case, an announcement about a substantial holder selling) to absorb good volume at cheap prices.
Basically 2 different techniques, same principle - if you have a large buy order and want to get the best price with minimal slippage and price disturbance, you're not just going to hit the offers, but instead you'll wait for strong selling to come to you.
Depth: Bids and offers currently at 300k, yet there have been days in the last month where total volume was 300k! (14th April +600k). You don't get this kind of volume without traders hiding their orders from the depth, possibly via algorithmic orders (iceberg, accumulate etc). Further backs volume absorption.
Levels: Upper trendline or 60c, whichever is hit first. Then 70c, 80c. A true break of the triangle would warrant $1! But definitely would require some fundamentals to align as well.
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If you've got any fundamentals or general thoughts, feel free to share!
Cheers
GLTA!
