MJI786

BTC Back on track to 43k?!

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Here's a quick update on BTC 2 hr chart.

As we can see, the price broke down from the yellow symmetrical triangle. The price stayed within the descending broadening wedge and bounced from the bottom of it at the 31k level. You could make the case that the price is in a bigger falling channel as well and the price bounced from the bottom trend line represented with thin yellow.

Now the bitcoin price has formed a potential double bottom with a higher low (HL) structure which is a very bullish sign of reversal!

Another thing to note is that the price broke back into the symmetrical triangle with enhanced volume!

If the bulls can hold the price within the symmetrical triangle and get above the red resistance zone then we will probably see a bigger reversal to the upside!

The most important level to break atm is the 40k level. If the price breaks 40k, then get ready for moon!

Note that the RSI is almost oversold. We might see some sideways price action here!
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Comments

Hey bit of a dumb question but I see those verticle Blue/Yellow bars on the side of a lot of charts. Is that just a different way of seeing volume, best use case? And what's that particular one called?

Great chart btw. Thanks.
Reply
@Gweil0 it’s VPVR

Essentially, Volume Profile takes the total volume traded at a specific price level during the specified time period and divides the total volume into either buy volume or sell volume and then makes that information easily visible to the trader
Reply