Current $BTC price action and on-balance volume
"VOLUME PRECEDES PRICE"
OBV was the most reliable indicator that predicted the 20+ pump and predicted early enough providing close to 80% gains.
The same indicator, OBV, now is in disagreement with current $BTC PA suggesting rather significant bearish divergence.
Note: Other indicators such as RSI, UO etc are also in bearish divergence, the focus of this post is strictly OBV however
OBV was the most reliable indicator that predicted the 20+ pump and predicted early enough providing close to 80% gains.
The same indicator, OBV, now is in disagreement with current $BTC PA suggesting rather significant bearish divergence.
- OBV can be charted same as the price and generally follows S/R levels, bullish/bearish patterns, defines ranges etc. with the added benefit of providing you with divergences.
On the chart I have noted my views and indicated areas on chart that will convince me of bull or bear market.
We are not far from claiming the bull market, but the bear divergence seems to be ruining those plans and pushing the volume against 3rd retest of the critical support area to maintain bullish bias.
Note: Other indicators such as RSI, UO etc are also in bearish divergence, the focus of this post is strictly OBV however