- Bid/ask strengh at market (Bitstamp): . . . (when one side has higher figure than the other, it means that price has moved to that direction, eroding the bids/asks - if there is a reversal, it can move quickly to the side with less resistance)
Although I recognized technical triangles in daily stock charts for decades, it was not until I actually watched realtime bitcoin tick by tick trades with a revealed order book, that I realized why they happen. It is exactly as you say. The dampened oscillations that frequently characterize bitcoin price charts at disparate time resolutions result from price discovery converging towards the trader's consensus.