Already tired of this chop? If so, well you better tuck yourself in for a long winter because it's not looking like a move on will start soon.
On the 3th of september bitcoin made a move out of the range and found support on the previous range. It was key here to hold the Composite VAH and Ledge. When support was found, there was only one way for price to go and that was back up.
At that time bitcoin was trading in a so called Volume Cave, this is the unfilled area in between two high volume areas. This meant we expected resistance at the underside of the upper range, 11K.
After the pingpong between these two ranges there was more sideways chop, filling out this low volume area.
Since then we have broken inside the previous range and retested the VAL. This signaled a move to at least the composite VPOC or VAH, it's better visible on the H4.
Right now we find our self back at the VAL again. For momentum up to hold price has to stay above the blue box at 11050. So far it's looking like we are holding and this means bitcoin can test the VPOC and VAH again.
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Past six we have been mean reverting. The bracketing market will end with a convictional move outside of either the liquidity void or range low.
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Today has been a Double Distribution day type. Currently the liquidity void and 3D VWAP are resistance, the 14D VWAP and range lows are support. When volume moves back into that liquidity void we can expect it to fill the anomaly and test range high again. If the void, 3D and composite vpoc keep rejecting prepare for a move lower.
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Scratch that, long the pullback to the LVA area.
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Played this in the morning, another option for a swing is to look for a pullback to a HVN after the daily close.
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Setup from above occurred, if flipped the 3D vwap.