We are moving back into very low volume areas for bitcoin, and as with my last idea, that indicates a low amount of resistance for bitcoin to move higher.
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This idea and the associated idea were proven correct on Feb. 17 2018.
The bars in purple (between the upper green line and lower green line) is what's called the VA (volume area). It represents 70% of all contracts transacted. Bitcoin is now moving above this area, meaning stronger trending moves are likely.
The red line is called the POC (point of control), the place where most coins were bought/sold. Now that we've moved above this amount, it acts as support. Basically, it's bullish that we've moved through this line. It would be a sign of reversal/consolidation if price bounced off of this line.
The red line is called the POC (point of control), the place where most coins were bought/sold. Now that we've moved above this amount, it acts as support. Basically, it's bullish that we've moved through this line. It would be a sign of reversal/consolidation if price bounced off of this line.