thanks for the post OP
helpful...
I'm into reading TA but don't understand all of it yet.
I would argue that low volume on an uptrend makes sense though if the done thing to do with bitcoin is buy, and hold. Sellers are more and more reluctant to sell at market prices so the bidders have to reach further. Does that make sense?
I understand what you're saying, but I cannot think of a way for that to hold true. You see, the sellers are actually NOT reluctant to sell. They are willing to sell at much lower prices. Big time. That constitutes the legs down. During those declines the buyers are not powerful enought to stop it. During those relief rallies that you are referring to, the price is indeed bid up on light volume. As such, I read that as luring buyers into the markets (well, granted: the buyers decide for themselves that "the worst is over"
) . Only to see the market crack once the heavier volume (selling orders) come in again. You would need much higher market participation of buyers in order to really be able to reverse the down trend. Otherwise, the relief rally will fail.
In essence it is about this: the basic universal law of supply & demand apply to this BTC market.
