WolfeDayRocker
Long

High Probability Setup on NEO Crypto with Volume Profile

BITFINEX:NEOUSD   NEO / U.S. Dollar
Volume profile is commonly used for identifying basic support and resistance levels.

This is a reactive method to identify support and resistance . Unlike proactive methods such as trend lines and moving averages which are based on current price action to predict future price movements.

Reactive methods provide meaningful interpretation to price level where the market has already visited.

Basic technical analysis suggested a support level is a price level which will support a price on its way down and a resistance level will resist price on its way up.
Therefore, one can conclude that a price level near the bottom of the profile which heavily favors the buy side in terms of volume is a good indication of a support level . The opposite is also true. A price level near the top of the profile which heavily favors sell side volume is a good indication of a resistance level .
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