So the fat red line is the POC, which is the Point of Control, meaning the price level for the time period with the highest traded volume. Most volume was traded at $411.... unfortunately I think BTC has a long way to go down.
I haven't felt this bearish in a while. We had a parabolic move up and still didn't have a parabolic move down.
The POC is also regarded as the "fair value" price. We haven't touched it since Sept/Oct 2016. The real bear market and time to load up might be below this POC line. Of course it is changing, but this just shows how low volume has been the past 5 years. On Coinbase in the last 7 years, the POC is around $520, further solidifying this argument.
This chart isn't updated yet to the most recent crash, but I think it's about to get a whole lot worse and I hate to say it, but maybe we see a 3 digit bitcoin. I'd like to think bulls would gobble up low prices, but I have to look more objectively. This is my first time using this tool, I just looked up what the acronyms meant and here we are in the shadow of death. Time will tell.
GL
Source for my definitions:
medium.com/@joezabbs...e-range-e099f22cd2d7
I haven't felt this bearish in a while. We had a parabolic move up and still didn't have a parabolic move down.
The POC is also regarded as the "fair value" price. We haven't touched it since Sept/Oct 2016. The real bear market and time to load up might be below this POC line. Of course it is changing, but this just shows how low volume has been the past 5 years. On Coinbase in the last 7 years, the POC is around $520, further solidifying this argument.
This chart isn't updated yet to the most recent crash, but I think it's about to get a whole lot worse and I hate to say it, but maybe we see a 3 digit bitcoin. I'd like to think bulls would gobble up low prices, but I have to look more objectively. This is my first time using this tool, I just looked up what the acronyms meant and here we are in the shadow of death. Time will tell.
GL
Source for my definitions:
medium.com/@joezabbs...e-range-e099f22cd2d7
