Looking at the volume profile indictor we can clearly see the largest support area bitcoin has is between $400 and $500.
Now I am not calling for this region to be tested 100% but I think it is interesting to remember that traditionally this is the price bitcoin has been traded at.
According to volume profile there is essentially zero support way up here in bubble land where we currently operate.
Once again, just something to be AWARE of.
Below I am posting a link to the trading view wiki on volume profile for those of you who may not know what it is
As you can see, we are currently trading in a low volume area with all the high volume nodes and POC much further below (not much support in this area).
Thank you for reading, please leave any questions or comments you may have in the comments section below or feel free to PM me.
Red Boar
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Zoomed in look at volume profile since the start of the bull run!
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Upper trend line held as resistance again, seems to be accurate thus far, will keep watching
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Guys it's so easy to make money just short the ponzi!
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This chart and it's meme line held up pretty well...amazing actually!
What do you think about this TV- trader jaysonseaman (tradingview.com/u/jaysonseaman/) who says that the low volume is the sign that BTC has reached the bottom and whales, market manipulators, media etc want to spread FUD and make the people think BTC is long term bearish so that people will sell what they have and not buy any BTC back because the whales have planned to shock us all with a super bull run?
TEXAGG22
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@erfrerd, well, I can certainly see why he would say that, I must admit that typically in a bear or bull flag volume dies off before the explosion up or down happens. IF I see price action confirm this I will no doubt go bull however keep in mind that we did just breakdown from a MASSIVE triangle to the downside....this is a very bearish development. If all the sudden we were to explode on high volume I could be persuaded to go bull but for now the evidence tells me down....Just my opinion and thank you for yours.
aklang
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1K to the ground gogo
FritzWagner
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Hi ! Look out the fibo line on the $400 price level.