BTC hitting important vol profile node
Hi All,
BTCUSD is hitting the Point of Control (POC) level of the fixed range vol profile from its lows in 2020 to its current price. This POC also happens to be very close to the 0.5 Fib level from the lows in 2020 to its ATH's late 2021.
The price action has also been rejected at the 200 SMA which is an important moving average by institutional investors - this could have put pressure and seen the price action retrace after the failure to get above the 200 SMA.
The high vol node area 1 on my chart has proven to be a major battle ground, however majority of the sells have been occurring in this area.
For those with a small holding of BTC and looking to top up, should consider taking a bit of a nibble within this area.
Also a bit of food for thought - I have overlaid the Nasdaq index as you can see, there is some correlation with the higher growth, risk assets presented in the Nasdaq and the BTC price movements.
Look out for the price action if it gets close to the 200 SMA as any breakout above this line with high volume could signals a return of bulls in a major way!
BTCUSD is hitting the Point of Control (POC) level of the fixed range vol profile from its lows in 2020 to its current price. This POC also happens to be very close to the 0.5 Fib level from the lows in 2020 to its ATH's late 2021.
The price action has also been rejected at the 200 SMA which is an important moving average by institutional investors - this could have put pressure and seen the price action retrace after the failure to get above the 200 SMA.
The high vol node area 1 on my chart has proven to be a major battle ground, however majority of the sells have been occurring in this area.
For those with a small holding of BTC and looking to top up, should consider taking a bit of a nibble within this area.
Also a bit of food for thought - I have overlaid the Nasdaq index as you can see, there is some correlation with the higher growth, risk assets presented in the Nasdaq and the BTC price movements.
Look out for the price action if it gets close to the 200 SMA as any breakout above this line with high volume could signals a return of bulls in a major way!
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