BTCUSD
Looking at the price action of BTCUSD from the most recent bull run (late 2020's) to where it sits now using volume profile.
Volume profile gives you a peek into where the big guys are buying or selling which is very useful when considering your trading position.
I have identified the 3 levels of interest worth keeping in mind - labelled High Node area 1-3.
Currently as of writing, price action is hovering around the high node area 1 (about 38500). This is a key level and if price drops below this level, the fight for control really heats up (see my note on the red box on the chart).
You can see why the 30000 level is such a key level, failing support at this level could see the price drop very quickly due to the lower volumes traded below this level. It could quickly drop to 23500 - failing this, down to 19000.
If the price rallies upward from the current level (38500), potential resistance levels are present around node 2 and 3 where a high volume of trades are occurring.
I'm bullish on BTC in the long term and see any weakness as an entry to build up my position below the 30k level - having come very late to the party!
