Meanwhile, sell orders remain at 2.0000, as the buy orders have been moved up to 1.7700. In addition, the amount of sell orders has decreased.
Daily Candle Chart
On the daily candle chart, a symmetrical triangle pattern can be observed. It represents how the rate's volatility has been decreasing, as the market price comes to an equilibrium.
However, from theory it is known that an equilibrium price is never found. As the rate will approach a set price, a sudden move up or down is set to occur. This move is called a break out.
A break out occurs, as either sellers or buyers initiate the momentum of the price surging or falling.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Below, one can observe the market orders on December 7.
There is only one notable level of sell orders to mention. There are orders to sell nearly 1,550 coins at the 2.0000 level. Up to this level, there is not a single level, where even 200 coins would be sold.
Previously, on November 30, there were orders to sell 3,000 coins at this level. Sellers had removed their orders.
In the meantime, there is a notable buy order cluster at 1.7700/1.7600. Near that level, more than 500 coins could be bought. Due to that reason, this level has been marked on the chart.
Previous week, there were buy orders for more than 500 coins at 1.7100.
Moreover, there is a large cluster of buy orders at 1.6500. At this level, there were orders to buy 2,940.00 coins.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, a bullish scenario appears to be more likely.
Namely, the rate is more likely to break out of the triangle pattern up than down. It is indicated by the closing of sell orders near 2.0000 and the move of the bullish orders to buy nearly 500 coins from 1.7100 to 1.7700.
If the tendency to move buy orders higher continues, the zone where trading occurs at the market would move higher, as there are not even 500 sell orders up to the 1.9000 mark.
On the other hand, note that it would take only the sale of 500 coins at 1.7700/1.7600 for the rate to drop below this level. A larger market participant could easily move the price around.