I will first go over the technical analysis and charting, then discuss my projections for the upcoming short term and intermediate term. Let’s take a look at the chart below. Note, the support/resistance lines were drawn a while back and some still holds true today.
On June 1st, it will be 1 year since I participated here and posted my first trade. I love the Bitcoin community and I frequently share my thoughts here. My current performance since last June is 164% non-leveraged gain. I keep a track record to re-evaluate myself and trades. In this process, I hope my posts were helpful. I know many times my trades and analysis conflict with the general consensus, but I thank you all for following whether you agree or not.
If you are here to make a quick buck, skip this post and go play craps. If you are here to understand what is going on behind the bitcoin market by analyzing price and volume side by side, read on. Today, we are going to learn and analyze a volume indicator called "on balance volume". This indicator measures the buying and selling pressure of a market. It is always important to understand volume together with price, and hence this is a valuable indicator. There is a concept explained section for those of you catching up. Before reading further, I want to disclaim you that no indicator work 100% of the time, this is simply another tool in your toolbox of technical analysis.