Bitcoin Downtrend BIG HAND IS OUT OF THE GAME.
Given the range of BTC in the 35000 to 37000 zone for about 2 weeks, I see the trend as bearish based on my previous analysis and the resistance line. I will explain my new analysis.
It is clear that I have mentioned a volume profile and a cyan resistance line in the cvd indicator, both drawn on August 17, 2022, as shown in the image. The reason for this drawing is due to the indirect connection of liquidity on both August 17, 2022, and 2023.
It is clear that the balance of buying and selling power was established on Sunday, November 11, just before the closing of the stock market in the cvd indicator, which is indicated by the upper cyan line. Now the question is how these two are related?
The second green-blue line drawn from August 17, 2023, indicates a buy squeeze, where the market maker takes out positions due to market sentiment, which was bullish, exits the market for a while, and then continues its own path. The trend becomes bullish, and the price increases from 25000 to 36000.
Why does this happen on August 17, 2023? Because the volume of liquidity is not equal to last year's volume, the price is pumped, sentiment becomes bullish, fake news about ETFs comes out to provide liquidity, and large investors sell out of the market like last year and change the trend. So now we know the connection. From a technical point of view, the lower green-blue line also indicates that the volume did not increase as much as the price. The vh volume profile is also around the price of 27000, and the vl is around 15500, where the decline that happened in August 2022 continued to that range.
So it can be concluded that the BTC pump up to 37000 and its long range was for the purpose of collecting liquidity, and it is a bearish trend (from my point of view). Based on my previous analysis, there is a possibility of a decline to the low volume node at 30000, and if the decline continues, it is bearish down to the range of 26800.
Wishing you all success in your financial endeavors:)
Best Regards
It is clear that I have mentioned a volume profile and a cyan resistance line in the cvd indicator, both drawn on August 17, 2022, as shown in the image. The reason for this drawing is due to the indirect connection of liquidity on both August 17, 2022, and 2023.
It is clear that the balance of buying and selling power was established on Sunday, November 11, just before the closing of the stock market in the cvd indicator, which is indicated by the upper cyan line. Now the question is how these two are related?
The second green-blue line drawn from August 17, 2023, indicates a buy squeeze, where the market maker takes out positions due to market sentiment, which was bullish, exits the market for a while, and then continues its own path. The trend becomes bullish, and the price increases from 25000 to 36000.
Why does this happen on August 17, 2023? Because the volume of liquidity is not equal to last year's volume, the price is pumped, sentiment becomes bullish, fake news about ETFs comes out to provide liquidity, and large investors sell out of the market like last year and change the trend. So now we know the connection. From a technical point of view, the lower green-blue line also indicates that the volume did not increase as much as the price. The vh volume profile is also around the price of 27000, and the vl is around 15500, where the decline that happened in August 2022 continued to that range.
So it can be concluded that the BTC pump up to 37000 and its long range was for the purpose of collecting liquidity, and it is a bearish trend (from my point of view). Based on my previous analysis, there is a possibility of a decline to the low volume node at 30000, and if the decline continues, it is bearish down to the range of 26800.
Wishing you all success in your financial endeavors:)
Best Regards