Re: [Chart] VPVR Part 1: Volume Profile Accumulation Zone $5,910 - $8,630
Coming back to this original VPVR analysis on BLX, we are currently testing the accumulation zone upper support level of $8,630.
Volume has stopped declining, but far from notably increased, as well as the volatility, so there is still plenty of room for an increase in both in the coming weeks.
By comparison, looking at the same time-frame (from September 25th 2017) on OG exchange Bitstamp, the point of control is at $8,292:
To put this into perspective, the past 29 months of volume (2 years and 5 months) is concentrated between $7,960 and $8,640.
As anticipated earlier this week, this volume support is close to the confluence of 0.5 fib retracements ($8,462 and $8501), as well as the 21 & 50 Week MA ($8,456 and $8,483):
If you're wondering why buyers are stepping in at these levels to defend the price, then you're not paying attention to the bigger picture.
This doesn't mean we can't fall lower, but that the longe-term support starts here so don't be surprised to see prices bounce back at any moment.
HODL
Volume has stopped declining, but far from notably increased, as well as the volatility, so there is still plenty of room for an increase in both in the coming weeks.
By comparison, looking at the same time-frame (from September 25th 2017) on OG exchange Bitstamp, the point of control is at $8,292:
To put this into perspective, the past 29 months of volume (2 years and 5 months) is concentrated between $7,960 and $8,640.
As anticipated earlier this week, this volume support is close to the confluence of 0.5 fib retracements ($8,462 and $8501), as well as the 21 & 50 Week MA ($8,456 and $8,483):
If you're wondering why buyers are stepping in at these levels to defend the price, then you're not paying attention to the bigger picture.
This doesn't mean we can't fall lower, but that the longe-term support starts here so don't be surprised to see prices bounce back at any moment.
HODL