nice call @StockJock-e i believe you were calling for that 6k level a little while back ... can't find your post where you made that call here but i do recall it ... i think it was on reddit.
There is this guy over on Trading View that has posted some good crypto charts. Pardon his handle. https://www.tradingview.com/u/MagicPoopCannon/ He posted a great chart a few weeks ago talking about 5,650 as a big line in the sand, target of a H&S breakdown off the ATH. Converged with several other solid patterns/objectives. Anyway, his charts keep popping up in my news readers/random places. Worth checking out if you're deep in the crypto scene. I'm inclined to think we have a pretty good bottom in. One thing to watch is if big money is being distracted by the volatility in the conventional equity markets, will then get more involved again messing with crypto again once volatility dies out, which I'm confident most here think will happen. Hmmm.
Since that low on the 6th, bitcoin is up almost 50% to almost $9K (currently at $8727 as I type this).
I think you're asking in the wrong place. Aren't those OTC, not cryptos? looks like Bitcoin continuing its recent downtrend
9k is the VAH (Value Area High) established after the breakout from the 950's in 2013. It's tap dancing on it right now, but based on regular volume bars - supply is currently outpacing demand. For continued upward trajectory longs would've needed to see a big increase in demand/buy volume at that level, which is not currently the case. A breakdown from the VAL (Value Area Low) would lead further down to re-test the LVN (low volume node) @ the 5k level, if that doesn't hold then complete reversion back to the POC (Point of Control or "most active price"). Bitcoin is no stranger to that kind of pullback. Look at drop from the 950's down to 200. Quite honestly when it comes to shapes of a volume profile (the bars on the left), the move up was not favorable to longs with the POC much lower towards the VAL (they ideally would want to see it higher up on that curve). It's considered a "b" shape and the breakout above the VAH (Value Area High) was just excess.
To take it a step further - the following is a chart showing the volume profile curve of the fall from 19800 to 6000 overlayed on top of the previous chart I provided. I turned off the log scale to get a better look. As you can see it has tested/rejected the POC twice and the second time was on higher volume. This would seem to indicate sellers/shorts in control of the auction. The range should be considered 8,722 to that 11,187 level until it breaks one way or the other.
Not necessarily. There's a large enough volume-by-price bar at the 4k level that could quickly morph into a new POC if enough buyers showed up. Personally I think it's likely there'll be secondary testing of that 6k it bounced from before any lower levels could even be explored.
Also .......... It would behoove Bitcoin to consolidate along the 9000 level for a prolonged period of time like it did back in the 200's and build a new POC. It would add more legitimacy to it as an asset class and remove the speculative dangers.
8400 support lost, 8200 being tested here. Nothing too exciting, but these are new lows for March. I still say its not an official bottom until I see people giving up their GPU miners, that is my signal.
