BTC 1h Inverse Cup and Handle breaking last month's VPVR POC
Inversed Cup and Handle is a very strong bearish reversal pattern. I should have noticed earlier, but I do my own analysis and was looking for something else while this cup was being spilled in my lap.
Why am I posting this late, then?
Well, there is one crucial thing left on this chart. And that is that this pattern has a target price target of 27600, which is below the POC (Point Of Control) on VPVR in the last month, and it is currently retesting it after a breakout.
VPVR POC shows the line of the most significant volume per price level based on the candles shown on the chart at any given moment, which means that it is the most substantial S/R level in this indicator. And as you can see, there is quite a gap below 28k.
So if this pattern breaks POC without significant volume from the bulls, we could retest the 25k level, where the next serious resistance is.
Why am I posting this late, then?
Well, there is one crucial thing left on this chart. And that is that this pattern has a target price target of 27600, which is below the POC (Point Of Control) on VPVR in the last month, and it is currently retesting it after a breakout.
VPVR POC shows the line of the most significant volume per price level based on the candles shown on the chart at any given moment, which means that it is the most substantial S/R level in this indicator. And as you can see, there is quite a gap below 28k.
So if this pattern breaks POC without significant volume from the bulls, we could retest the 25k level, where the next serious resistance is.