Technically Speaking – September 23, 2022

The image below is Bitcoin’s ($BTC) weekly chart. The horizontal red and green bars on the left side of the chart are part of a tool in technical analysis known as the Volume Profile. 

Volume Profile is a form of Volume-At-Price analysis – it measures how much of something was traded at a particular price or price range. The thin red line is called the Volume Point Of Control, or VPOC – which represents the price level where the most buying and selling has occurred. 

You’ll note that some bars appear to stick out more than others (high volume nodes), and likewise, there are noticeable zones where the bars are very small (low volume nodes). What makes the high and low volume nodes important is how analysts, investors, and traders interpret price action when it moves away from a high volume node and into a low volume node. 

When price moves into a low volume node, the low volume node acts like a vacuum and sucks price to the next high volume node. And that is the kind of scenario Bitcoin bulls and bears should watch out for. 

The Volume Profile on the image above begins at the 2019 Covid crash low. Bitcoin is currently trading just a hair above the bottom of the current high volume node, which is at $17,800. If there is a daily or weekly close below $17,800, then Bitcoin could experience a fast push lower to the top of the next high-volume node at $11,800. 

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