Quick TA update (at $0.429):
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6H candle color/volume: very little volume for last few days, conclusion: historically bearish
In this set of indicators, the
candle length/color is analyzed so that in the last few days in 6H chart (linked to auto-updating version), you assess whether the majority of the long candles are red or green. The rules are such that:
The longest candle in the last few days dominates the interpretation. We are essentially looking for evidence that it rules the trend.
The candle is locally-longest if it is longer than 3 candles in both sides. The locally-longest candle dominates the said candles in either side of it and they don't count no matter the color.
If the locally-longest candles are all of the same color, it points that the trend is in that direction (buying/selling
with volume).
If there are both colors, there is no trend evident, unless one is clearly stronger.
If there are no tall candles, the next move is likely in accordance with the dominant medium-term (weeks) trend, which is currently down.
I decided to open this up, because the current situation is taller red candles combined with low volume since 2014-5-2, and points to a move
down next, despite that we are already down.