Bitcoin volume analysis

Apr 2, 2024

Looking at this impulsive move down on BTC

*edit: Looks like SVP (a premium indicator) doesn't show up on the published ideas. If anyone knows how to fix this, please leave a comment

Top Left
Impulsive moves up don't leave any support, so the corrective move if often equally impulsive, like we just saw in the last 48h.

We see the move stall in Optimal Trade Entry (OTE), which is between the 618 and 786 fibs, and a good place to look for reversal or temporary bounce signals.

Bottom Left
POC is the price level in a chosen period that had the most volume transacted during that period. In the SVP indicator, our chosen period is a daily session.

Aligning with this OTE, we had two POCs from a while ago that still were untested. We call these naked POC or nPOC. The market usually likes retesting these, so they're good levels to keep an eye on.

Main Chart
I would look for a bounce into the high volume node (HVN) at 66.5k here, where you could see a retrace into the 65.7k HVN. After this market structure break, I will look to enter a long into the imbalance that we left behind around 68k-69k.

Apr 4, 2024

Note

Looks like we got 1 more sweep, for the rest playing out nicely atm

Apr 8, 2024

Trade closed: target reached

The market gave us one more sweep of the low, which is why it's important to wait for bullish market structure on low timeframe.

After the msb, we had a retrace into .618 fib of the ltf move, that gave a perfect entry towards the target.