After a strong run up, price has retraced and settled on strong support around a psychological support and also the POC @ $0.10.
There has since been a short term trendline which is now being broken - once this current 4H candle closes, then a break in trend will be confirmed.
You can guess what happens from here if the rest of the market, more specifically BTC has a stable recovery up-trend.
There are 4 key support levels below current price seen as spikes on the volume profile.
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BTC falling back to recent lows and pulling the rest of the market with it. ZIL falling back .10 which should serve as some decent support again. Im expecting it to hold here, but time will tell.
Would you be able to tell me what indicator you are using there for the volume on the left hand side of your chart?
AmarPearson
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@floydcdf, Hey Floyd, thank you!
Im using the free fixed range volume profile indicator from tradingview on the measuring tab. Everything is manual and drawn. A good video to see how I use it is:
M-Floyd
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@AmarPearson - thank you for that, very helpful. I have just been doing some backtesting and I can see this is a powerful tool 👍🏼
Does the amount of volume work for both support and resistance?