Bitcoin's Volume Profile | Weekly & Monthly Timeframes
Looking at the bitcoin's volume profile on Binance, we can see the biggest weekly red/bear volume bar ever printed early November.
Chart | BTCUSDT Weekly
This volume came in as bitcoin broke below support and hit a multi-year low.
Let's move to bitcoin's (BTCUSD) monthly timeframe
In September 2022 bitcoin printed its highest bearish volume month ever but remained trading above Fib. support.
In November we have another strong bearish month but this time the 0.786 Fib. retracement support level was broken, a very important level.
The monthly candle closed below it.
Now Bitcoin is trading below this level and aiming lower, one final drop, just as we saw with the SPX, DJI and NDX (See "Related Ideas" below).
Bitcoin Corrects Over 84% From Major Bullish Waves
We have mainly two scenarios, we expect the bottom to be in/confirmed before the traditional financial markets and also before April 2023.
Scenario #1 (red arrow): Straight down. No relief rally. The worst possible scenario and depression/job application washing cars for us.
Scenario #2 (green arrow): Price bounce followed by a very strong flash crash that sets the bottom and the slow paced recovery starts to take place followed by sustained long-term growth.
Read the articles below for a broader market perspective:
💾 S&P 500 Index (Bring In The Bad News, We Are Ready)
💾 Dow Jones Industrial Average Index Analysis (Lower High = Short)
💾 Nasdaq 100 Index | Strong Crash Ahead (Prepare!)
💾 Volatility S&P 500 Index (VIX) | Goes GREEN/Bullish!
Namaste.
Chart | BTCUSDT Weekly
This volume came in as bitcoin broke below support and hit a multi-year low.
Let's move to bitcoin's (BTCUSD) monthly timeframe
In September 2022 bitcoin printed its highest bearish volume month ever but remained trading above Fib. support.
In November we have another strong bearish month but this time the 0.786 Fib. retracement support level was broken, a very important level.
The monthly candle closed below it.
Now Bitcoin is trading below this level and aiming lower, one final drop, just as we saw with the SPX, DJI and NDX (See "Related Ideas" below).
Bitcoin Corrects Over 84% From Major Bullish Waves
We have mainly two scenarios, we expect the bottom to be in/confirmed before the traditional financial markets and also before April 2023.
Scenario #1 (red arrow): Straight down. No relief rally. The worst possible scenario and depression/job application washing cars for us.
Scenario #2 (green arrow): Price bounce followed by a very strong flash crash that sets the bottom and the slow paced recovery starts to take place followed by sustained long-term growth.
Read the articles below for a broader market perspective:
💾 S&P 500 Index (Bring In The Bad News, We Are Ready)
💾 Dow Jones Industrial Average Index Analysis (Lower High = Short)
💾 Nasdaq 100 Index | Strong Crash Ahead (Prepare!)
💾 Volatility S&P 500 Index (VIX) | Goes GREEN/Bullish!
Namaste.
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