I am fully comfortable with how market price reacted to my volume profile levels. It is time to write some update on that.
I called for the filling of the zone roughly between 11k and 12k. There needs to be some market action. This is pretty much happening now. The market also respected my Low Volume Zone. There was pin nearing it closely and then there was a great pin going through and returning back above.
An indicator that closely lines with the recent bottoms is VWAP anchored at real lows from 2nd August. I think long from its level to 11900 is now possible and probable. I, however, think, there still need to be more volumes before the price can start harassing 12k level or go above. Selling activity was too big. So let the sellers exhaust now in the highlighted range, so there are none left when BTC goes higher.
Alternatively, AVWAP level can break. If price remains below it, higher correction is on the horizon. 20 Daily MAs and 50 Daily MAs are levels to keep an eye on for the minor reaction and I will highlight new profile levels later if that happens.
I am giving the path up near the VP level of about 60%. My analysis will become invalid if we spend more hours below AVWAP.
Have a great trade!
I called for the filling of the zone roughly between 11k and 12k. There needs to be some market action. This is pretty much happening now. The market also respected my Low Volume Zone. There was pin nearing it closely and then there was a great pin going through and returning back above.
An indicator that closely lines with the recent bottoms is VWAP anchored at real lows from 2nd August. I think long from its level to 11900 is now possible and probable. I, however, think, there still need to be more volumes before the price can start harassing 12k level or go above. Selling activity was too big. So let the sellers exhaust now in the highlighted range, so there are none left when BTC goes higher.
Alternatively, AVWAP level can break. If price remains below it, higher correction is on the horizon. 20 Daily MAs and 50 Daily MAs are levels to keep an eye on for the minor reaction and I will highlight new profile levels later if that happens.
I am giving the path up near the VP level of about 60%. My analysis will become invalid if we spend more hours below AVWAP.
Have a great trade!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.