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Bitcoin Price Analysis: Something is going on with the volume

  • Bitcoin has recovered slightly on Tuesday after the recent price drop. 
  • There is a massive volume spike at the recent support level of 3,858.00.
Bitcoin Price Analysis: Something is going on with the volume
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD daily chart

Below is the daily chart of BTC/USD with Coinbase data. When looking at the volume analytics I noticed a very large spike during the recent sell-off. After further digging, I noticed that on all timeframes a big batch of buying volume came in at 3,858.00. Make of that what you will but its hard to imagine why the volume peak is higher than the euphoric days of 2017-18.

In terms of chart patterns, the current set up is a broadening pattern. These tend to a be nightmare to trade as the risk/reward ratios are harder to quantify. A move toward 6K would be a great sign as the price would be moving back into a higher distribution. The major support low of the current distribution is now 3,181.24 and if the price remains in this zone that's the support level to watch.

Bitcoin Volume Spike

Additional levels

BTC/USD

Overview
Today last price5409.15
Today Daily Change371.67
Today Daily Change %7.38
Today daily open5037.48
 
Trends
Daily SMA207735.52
Daily SMA508916.21
Daily SMA1008317.79
Daily SMA2008542.91
 
Levels
Previous Daily High5348.73
Previous Daily Low4437.02
Previous Weekly High8899.6
Previous Weekly Low3886.49
Previous Monthly High10511.86
Previous Monthly Low8431.17
Daily Fibonacci 38.2%4785.29
Daily Fibonacci 61.8%5000.45
Daily Pivot Point S14533.42
Daily Pivot Point S24029.37
Daily Pivot Point S33621.71
Daily Pivot Point R15445.13
Daily Pivot Point R25852.78
Daily Pivot Point R36356.84

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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