What the heck are all those pretty and colourful bars on the right? I hear you cry. That my feathered friends, is the VPVR, of course.
www.tradingview.com/wiki/Volume_Profile
It's basically showing you how much beautiful Bitcoin was bought (blue) and sold (green) at that specific price level. It's useful to spot support & resistance levels. You can clearly see it cut through the low volume price levels much like a knife through mayonnaise (other similar condiments can be used).
This is the 4 hour BTC chart in case you haven't noticed and the area selected is just before the major decent began. You will also see I have selected some high volume levels and not others. It's not fair, right? What did those other volumes do to get excluded EVEN THOUGH THEY ARE LARGER THAN THE INCLUDED ONES? Calm down, let me explain. I have chosen those levels because they are the levels where buying (blue) volume was stronger than selling volume (green). Makes sense right? I hope so or this whole post was a waste of time.
Peace and word to your mothers and grandmothers.
Comments and discussions below. Cheers.
www.tradingview.com/wiki/Volume_Profile
It's basically showing you how much beautiful Bitcoin was bought (blue) and sold (green) at that specific price level. It's useful to spot support & resistance levels. You can clearly see it cut through the low volume price levels much like a knife through mayonnaise (other similar condiments can be used).
This is the 4 hour BTC chart in case you haven't noticed and the area selected is just before the major decent began. You will also see I have selected some high volume levels and not others. It's not fair, right? What did those other volumes do to get excluded EVEN THOUGH THEY ARE LARGER THAN THE INCLUDED ONES? Calm down, let me explain. I have chosen those levels because they are the levels where buying (blue) volume was stronger than selling volume (green). Makes sense right? I hope so or this whole post was a waste of time.
Peace and word to your mothers and grandmothers.
Comments and discussions below. Cheers.