Long Term VWAP Support/ResistanceUsing VWAPs anchored to the 3.1K "bottom" and last year's local top at 13.9K it appears that we are just under that heavy resistance. If we are rejected from the VWAP off the high here (I think we will be) then it's likely that the VWAP off the low will likely provide strong support (will probably be up in mid-8K's by the time we retrace that far). However, if irrational bullishness persists and we break above this VWAP with conviction, then our next likely area of heavy resistance is way up at 11.6K.
If we do not break above and confirm our present area as a local top, then we will also confirm bearish divergence on the OBVCD (an OBV variant) which at least on the daily has proven to catch reversals quite well with Bitcoin. My personal plan is to wait and see what happens around this VWAP off the high... break below and I'll be a buyer at the VWAP off the low, break above and I will be a buyer on the retest of the 13.9K VWAP.
