BTC Macro Volume Levels Bullish
On this weekly chart I have used the rectangle tool to show an upper range of the exact same size of a lower range both approximately 100% in value. The size of the upper range was approximately 70 weeks, the lower range has been drawn out exactly the same and has reached the end of this period and showing signs of pushing up.
Using the fixed volume profile tool to show a value area high, value area low, and the highest volume node I have included the volume profile of each of these ranges separately.
There seems to be a relationship between the price action forming in our lower range that is corresponding quite nicely with the significant volume based levels above.
Ever since BTC put in its last bottom in the 15-16k area we have seen two major pushes to the upside of approximately 50% each. If we apply a 50% move to our current local low in the 25k area this is giving a target that corresponds perfectly with our high volume node above at 39k and would complete a 5 wave structure.
If we take a measured move of our entire 100% swing and apply the measured move to our 25k area low it is corresponding perfectly with the value area high of the upper range.
Does this mean we are looking at another 100% pump. Maybe.... Time will tell but with bullish signals it may be the case. The real tell will be to brake back into the upper range and retest.
Following this model the first major pull back would be 39k high volume node with a final high at the value area high of 48k.
Trade Well.......
Using the fixed volume profile tool to show a value area high, value area low, and the highest volume node I have included the volume profile of each of these ranges separately.
There seems to be a relationship between the price action forming in our lower range that is corresponding quite nicely with the significant volume based levels above.
Ever since BTC put in its last bottom in the 15-16k area we have seen two major pushes to the upside of approximately 50% each. If we apply a 50% move to our current local low in the 25k area this is giving a target that corresponds perfectly with our high volume node above at 39k and would complete a 5 wave structure.
If we take a measured move of our entire 100% swing and apply the measured move to our 25k area low it is corresponding perfectly with the value area high of the upper range.
Does this mean we are looking at another 100% pump. Maybe.... Time will tell but with bullish signals it may be the case. The real tell will be to brake back into the upper range and retest.
Following this model the first major pull back would be 39k high volume node with a final high at the value area high of 48k.
Trade Well.......
Comment:
Bitcoin has officially broken the high and is currently consolidating above it and is very bullish for a continuation. Targeting 39k
Comment:
Still bullish and looking for higher highs. If wondering why there will be a video explanation available.
