trentrehnquist

BTCUSD Daily: Ascending Line and VRPR Analysis

Long
BITSTAMP:BTCUSD   Bitcoin
Looking at the daily, BTCUSD is about to approach an important ascending trendline (WHITE LINE) and it will be decision time. Looking at the last 3 times BTC has approached the ascending trendline (YELLOW LINE) since January 2021, the trend has been to move up. Looking at the VPVR (GREEN HIGHLIGHTS) in relationship to these movements, it brings out an interesting trend. Before I elaborate on this any further, you can see that BTC seems to be losing momentum in its movement up the ascending trendline (WHITE LINE) and volume is waning overall. After ATHs, BTC has moved down descending channels back to the main ascending trendline. Each time BTC has approached the ascending trendline, the volume of buyers has outnumbered sellers in the price ranges above the decision zone. In past intersections of the descending trendlines and overall ascending trendlines, the volume (GREEN HIGHLIGHTS intersecting PURPLE LINE) in those price ranges has been MUCH LOWER than the price range for the decision to be made in the next day by BTC. The price ranges above the critical decision range are dominated by buyers. BTC is definitely losing volume overall but in the current price range that this decision is being made, the volume is better than any of the past intersections of the descending and ascending trendlines! I am hopeful!! I would look for a drop to 56,000-56,500 (BLUE LINE) and then it should be decision time. Keep a close eye on the next day as BTC will likely move quickly either up or down. I am hopeful for up!
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