BTC -- VOLUME SUPPORT LEVELS
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I've pointed out the most significant High volume nodes (yellow horizontals) and low volume nodes (blue horizontals) in the chart.
To put it simple: High volume nodes are price areas where there was significant trading volume. The opposite is true for low volume nodes. Price tends to stick and float around HVNs but hates to be inside LVNs; inside LVNs you will notice very violent price action while in HVNs youll get what we just saw for the past 30 days at around 6K. You can use either of these as support/resistance as well aslong as you keep in mind how they affect price; for example, if price is inside an HVN for a long time expect volatility towards an adjacent LVN taking account the sentiment of where price is leaning to.
This is not financial advice. I actually write this so it sticks into MY head, just putting it out here just in case someone else benefits from this. Happy trading dudes.
To put it simple: High volume nodes are price areas where there was significant trading volume. The opposite is true for low volume nodes. Price tends to stick and float around HVNs but hates to be inside LVNs; inside LVNs you will notice very violent price action while in HVNs youll get what we just saw for the past 30 days at around 6K. You can use either of these as support/resistance as well aslong as you keep in mind how they affect price; for example, if price is inside an HVN for a long time expect volatility towards an adjacent LVN taking account the sentiment of where price is leaning to.
This is not financial advice. I actually write this so it sticks into MY head, just putting it out here just in case someone else benefits from this. Happy trading dudes.
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