Problem is that there is no genuine way to determine what a low price is, its crypto and basically worthless - and yet its not...whats fair here????
youre using a different language to question what has already been made clear
if you think of all trades as balanced (they are) then all transactions as genuine (they are not, it's called intent) then you'll see Can's call is correct in so much as value and worth are derived by consensus at the time and place of supply v demand within the auction .....in simple terms
value is ethereal ......if you made a thousand cars that ran on steam and could go top speed 19k/h
you would not sell any at auction in 2018 but in 1818 the auction would have had millionaires from the world over bidding so that means that all constructs of value and worth must be measurable at the time and place of auction, by consensus. even tho the worth and value are measurable those measures are defined by demand not as some 'genuine' universal truth
poppies are tangible and their value fungible, currencies no different
the difference between demand overrunning supply and demand withdrawing from taking supply is
not a single construct simply because the size of transactions in any single price level is rarely if ever repeated and the psychological value (has already) fluctuated when that same price is revisited, while the printed bars can look the same they do not print the same volume and to some extent volume is ethereal too simply because it only relates to the people who have done their business but may not necessarily relate to the people who are waiting to do larger/smaller business at a slightly different price level ......for me this basis for knowing trend and the intent within the chop zones of that trend
a trained/experienced/schooled eye can see this printing and does not require underlying data to have at least an idea of price acceptance or rejection .....of course we're into the vocabulary of the definition of what makes acceptance and rejection
the most that a trader can get from any presentation of printed supply and demand via volume (where the volume printed, sometimes; when the volume printed) is to lower the risk but you cannot use the word genuine to call for absolute risk negation...this is also true of live presentation when the DOM will present fake bids ...fake prints are only fake in so much as trades are intended to draw in weak traders on the opposite side of the trade but these cannot determine trend
.....in the end the largest mass or group that creates trend will dominate price length and trend or largest direction .....
a genuine low is not knowable in foresight, it is merely an assessable risk level of assumption, the bars print this and a traders job is to interpret and give it context based on the bars employed
the trader needs to risk assess..afterall a puke into 30second bars does not mean you have a rotation in 30 minute bars or a trend rotation in a daily bar
how a low forms can tell you a lot about the likely hood of that price level being revisited