Bitcoin/ USD (BBands, Volume Profile, On-Balance Volume)
Bitcoin price has been straddling the $6600 - $7000 range for the past week. The market seems to be in consolidation. Its 67% correction since 20k has left most bruised, bloodied, and broken.
Many reasons can be attributed to this, but more recent news involving George Soros and Rockefeller may be most prevalent at this time. The institutional money is here, and it’s bringing high frequency trading algorithms with it.
This may seem bullish for the overall future of Bitcoin, but make no mistake, this is bad news for retail investors. Regardless, let’s take a look at the BTC/ USD chart for Coinbase.
Bull Case:
Unless you trade at lower time frames, 1D chart doesn’t seem to have much support from the bulls. Price may gain temporary support from VPVR at its current state, for a short move to the upside.
Testing the median line of B-Bands at around $7230. With enough momentum price may push $7500 levels. However this rally won’t be sustainable because OBV invalidates the uptrend, and VPVR will provide resistance at those levels.
Bear Case:
Price action may never test the median and may go down to touch lower B-Band at $6200. But first it will have to breach support at $6600 provided by VPVR. Leading indicator OBV suggests that price will respect the downtrend in the near future. MACD is pretty useless right now. Happy trading!
Many reasons can be attributed to this, but more recent news involving George Soros and Rockefeller may be most prevalent at this time. The institutional money is here, and it’s bringing high frequency trading algorithms with it.
This may seem bullish for the overall future of Bitcoin, but make no mistake, this is bad news for retail investors. Regardless, let’s take a look at the BTC/ USD chart for Coinbase.
Bull Case:
Unless you trade at lower time frames, 1D chart doesn’t seem to have much support from the bulls. Price may gain temporary support from VPVR at its current state, for a short move to the upside.
Testing the median line of B-Bands at around $7230. With enough momentum price may push $7500 levels. However this rally won’t be sustainable because OBV invalidates the uptrend, and VPVR will provide resistance at those levels.
Bear Case:
Price action may never test the median and may go down to touch lower B-Band at $6200. But first it will have to breach support at $6600 provided by VPVR. Leading indicator OBV suggests that price will respect the downtrend in the near future. MACD is pretty useless right now. Happy trading!
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