Hello Traders,
I wanted to put together an easy chart to follow as this makes it pretty simple to see where bitcoin will likely bounce from or have a struggle to get above. Support and resistance lines are fairly simple to put together when you have price action to the left that you can analyze to determine where traders in the past have created supply and demand areas. I personally like to use price action coupled with the Visible Range Volume Profile or VPVR which can be found under your Indicators, Metrics and Strategies tab then clicking Technical and finally the Volume Profile tab at the top of the list which will then show the VPVR at the bottom. The VPVR is the blue and yellow mounds on the side of the chart pointed out by the green arrow. These show the price ranges in which there was previously higher amounts of volume. Indicating that there may likely be future area's of importance wither sucking price action into the larger areas where the VPVR sticks out or presenting support or resistance depending on if the current price action is above or below the area on the VPVR.
I hope this helps you over the upcoming months as we have a lot of price action to get though before we start creating new areas on the VPVR when we get into price discovery after BTC breaks its all time highs again.
Let me know what you think about the private trades we published this year so far under the related links below if you are a leverage trader. Are you getting similar results? Trading is a tough and lonely game sometimes and platforms like this allow us to discuss both our wins and losses to get better together. We would love to hear from you in the comments!
Have a green week,
Savvy
I wanted to put together an easy chart to follow as this makes it pretty simple to see where bitcoin will likely bounce from or have a struggle to get above. Support and resistance lines are fairly simple to put together when you have price action to the left that you can analyze to determine where traders in the past have created supply and demand areas. I personally like to use price action coupled with the Visible Range Volume Profile or VPVR which can be found under your Indicators, Metrics and Strategies tab then clicking Technical and finally the Volume Profile tab at the top of the list which will then show the VPVR at the bottom. The VPVR is the blue and yellow mounds on the side of the chart pointed out by the green arrow. These show the price ranges in which there was previously higher amounts of volume. Indicating that there may likely be future area's of importance wither sucking price action into the larger areas where the VPVR sticks out or presenting support or resistance depending on if the current price action is above or below the area on the VPVR.
I hope this helps you over the upcoming months as we have a lot of price action to get though before we start creating new areas on the VPVR when we get into price discovery after BTC breaks its all time highs again.
Let me know what you think about the private trades we published this year so far under the related links below if you are a leverage trader. Are you getting similar results? Trading is a tough and lonely game sometimes and platforms like this allow us to discuss both our wins and losses to get better together. We would love to hear from you in the comments!
Have a green week,
Savvy
