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For a myriad of reasons, BTC had a tough last week and we are starting this week also looking very bad. In the chart here, we are looking at the weekly candle for Bitcoin and Volume Profile from Trading View (VPVR). As you can see, BTC is at the bottom of the volume gap which was an area with light volume, thus price was expected to drop once it entered this gap because it had little to no support.
However, now BTC is at the top of next big section of volume which (fortunately) includes higher buyer pressure then sell pressure (yellow vs blue bars). Do keep in mind that the Fed is releasing its CPI report on Tuesday at 08:30 EST which is expected to be quite ugly.
According to the Volume Profile, there is lots of buy pressure between $31,500 and $39,000 and BTC has been making higher lows on this long-term trend line so lets remain optimistic that this buy wall is strong enough to counter-balance the negative news from this weeks CPI report.
If BTC is not able to maintain its composure in the $31,500 and $39,000 range and it falls below $30,000, we will revisit BTC and discuss the situation at the appropriate time.
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Namaste 🙏
For a myriad of reasons, BTC had a tough last week and we are starting this week also looking very bad. In the chart here, we are looking at the weekly candle for Bitcoin and Volume Profile from Trading View (VPVR). As you can see, BTC is at the bottom of the volume gap which was an area with light volume, thus price was expected to drop once it entered this gap because it had little to no support.
However, now BTC is at the top of next big section of volume which (fortunately) includes higher buyer pressure then sell pressure (yellow vs blue bars). Do keep in mind that the Fed is releasing its CPI report on Tuesday at 08:30 EST which is expected to be quite ugly.
According to the Volume Profile, there is lots of buy pressure between $31,500 and $39,000 and BTC has been making higher lows on this long-term trend line so lets remain optimistic that this buy wall is strong enough to counter-balance the negative news from this weeks CPI report.
If BTC is not able to maintain its composure in the $31,500 and $39,000 range and it falls below $30,000, we will revisit BTC and discuss the situation at the appropriate time.
⭐ If you liked this content, please consider subscribing and giving it a Thumbs Up 👍. If you have any feedback or suggestions, please leave a comment below as I answer each comment.
Namaste 🙏
