BTC Weekly Volume Profile Analysis
Nobody has a crystal ball, if they do its probably fake. The Auction process can help us understand what is going as the price action plays out and i've laid out my view on Bitcoin for the next 5 days
- Large hole in the weekly volume profile from April 9th should ideally be filled out.
- Most likely we will test the Value Area Low @ 6965.
- Ideal scenario is we test this price and bounce hard and reject any lower price
- Blue area is the pin on the Daily candle (Feb 6th).
- Ideally we see bullish hints (pins, divergence etc) and quickly move back above this blue zone.
- If we move into this area, the longer price spends in here, it would suggests we are accepting lower price and could break down further.
- As the Average Weekly Move has almost been achieved, a complete meltdown this week is unlikely (but possible)
- i'd like to see price spike beyond this level (7236) and close above 6965.
I'll be hunting short term opportunities, especially over the weekend.
- Large hole in the weekly volume profile from April 9th should ideally be filled out.
- Most likely we will test the Value Area Low @ 6965.
- Ideal scenario is we test this price and bounce hard and reject any lower price
- Blue area is the pin on the Daily candle (Feb 6th).
- Ideally we see bullish hints (pins, divergence etc) and quickly move back above this blue zone.
- If we move into this area, the longer price spends in here, it would suggests we are accepting lower price and could break down further.
- As the Average Weekly Move has almost been achieved, a complete meltdown this week is unlikely (but possible)
- i'd like to see price spike beyond this level (7236) and close above 6965.
I'll be hunting short term opportunities, especially over the weekend.
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