Bitcoin Bullish Case Review w/ Volume Profile
已更新
Now that Elon & Jack had "the talk" and price jumped 6.5% as of writing, lets look at the charts and review the bullish case.
I've first shared the volume profile analysis back in July 8th. At the time i published this analysis 134.000 or an extrapolated $18.76 Billion worth of Bitcoin was sold.
Note that the number of Bitcoins are JUST Binance numbers. We multiply this by 4 as the market size of Binance is 25%
As of today, right after Elon & Jack's "the talk" this number rose to 146.000. Adding another 12.000 Bitcoin to the sell side! Yesterday this number was around 154.000, so just today 8.000 Bitcoin's were added to the buy side and that's it. That's the pump!
Again, these figures are Binance only.
So, when i compare 8.000 against 146.000, i cannot see any sign of strength other than manipulators wanting to sell you more Bitcoin using this event as hopium.
Instead, you want to focus on perhaps the most important yet underrated event just happened yesterday as the break of 30k! You might say so what? Supports and resistances are meant to break, but this one was different. It was the low of May, a monthly low AND the low of the current trading range, which must not have been lost - at all costs!
Composite Operator wants us to focus on the 6% price increase today, but they already took down 30k, ready to be slashed!
I'm not a bear as a default, but i learned the hard way that these hopiums don't end well for me. That's why i stick with my analysis and the bullish case which will turn me bullish.
So my bullish case is;
1- The grey area above is the overbought zone, it needs to be crossed
2- 37k stands as the sign of strength and needs to be reclaimed
3- 41.3k is the upper resistance of the current trading range, needs to be crossed
When these conditions are met, i will consider being bullish, along with other parameters like volume. Since i have existed at 40k, i have no problem getting back in at 42k and i've stated this on many of my analysis.
Todays price action was just noise and didn't even print anything on a p&f chart. What has printed on p&f was the break of 30k and that's the only data point i care about now. It's still pointing 14-16k.
Yours faithfully.
PS. I've added a free resource page in my signature so everyone who invests time, can learn technical analysis.
I've first shared the volume profile analysis back in July 8th. At the time i published this analysis 134.000 or an extrapolated $18.76 Billion worth of Bitcoin was sold.
Note that the number of Bitcoins are JUST Binance numbers. We multiply this by 4 as the market size of Binance is 25%
As of today, right after Elon & Jack's "the talk" this number rose to 146.000. Adding another 12.000 Bitcoin to the sell side! Yesterday this number was around 154.000, so just today 8.000 Bitcoin's were added to the buy side and that's it. That's the pump!
Again, these figures are Binance only.
So, when i compare 8.000 against 146.000, i cannot see any sign of strength other than manipulators wanting to sell you more Bitcoin using this event as hopium.
Instead, you want to focus on perhaps the most important yet underrated event just happened yesterday as the break of 30k! You might say so what? Supports and resistances are meant to break, but this one was different. It was the low of May, a monthly low AND the low of the current trading range, which must not have been lost - at all costs!
Composite Operator wants us to focus on the 6% price increase today, but they already took down 30k, ready to be slashed!
I'm not a bear as a default, but i learned the hard way that these hopiums don't end well for me. That's why i stick with my analysis and the bullish case which will turn me bullish.
So my bullish case is;
1- The grey area above is the overbought zone, it needs to be crossed
2- 37k stands as the sign of strength and needs to be reclaimed
3- 41.3k is the upper resistance of the current trading range, needs to be crossed
When these conditions are met, i will consider being bullish, along with other parameters like volume. Since i have existed at 40k, i have no problem getting back in at 42k and i've stated this on many of my analysis.
Todays price action was just noise and didn't even print anything on a p&f chart. What has printed on p&f was the break of 30k and that's the only data point i care about now. It's still pointing 14-16k.
Yours faithfully.
PS. I've added a free resource page in my signature so everyone who invests time, can learn technical analysis.
註釋
Closer look at the bull trap in the making 
註釋
Too good to be true 
註釋
Point of No Return 
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