I hate to post bearish sentiment as i'm a Bitcoin only guy. But i was looking at a macro level volume profile starting from covid crash last year. Now that life is getting back to normal with vaccines and etc. Bitcoin CAN also get back to it's previous state, which was the $10k.
The volume profile measures the volume at a given price level. Here you can see the largest volume was 7.91M at $10k's compared to $2.46M at our current price level $34k.
The blue lines indicate a value zone that outlines 70% of the trading volume. As you can see price is at the top edge of this zone. Once it enters the zone, it will find the largest support at $10k!
Let's be optimistic and opt for the first available support area that has a higher volume than our current level. You guessed it. The $13k zone!
That's it, that was the update.
The volume profile measures the volume at a given price level. Here you can see the largest volume was 7.91M at $10k's compared to $2.46M at our current price level $34k.
The blue lines indicate a value zone that outlines 70% of the trading volume. As you can see price is at the top edge of this zone. Once it enters the zone, it will find the largest support at $10k!
Let's be optimistic and opt for the first available support area that has a higher volume than our current level. You guessed it. The $13k zone!
That's it, that was the update.
Comment:
We have a new downward column on p&f chart!
