in certain areas. For instance, if Bitcoin is trading in a relatively small range but the volume is high, it indicates that both buyers and sellers seem to agree that the current price is fair.
Usually, high trading volume during a crash results in relief. The chart below shows the recent Ethereum crash, where prices went as low as $897. You can clearly see the volume spiking at the bottom. I also like to see retests of moving averages or support levels on high volume. This is especially interesting when the price also prints a wick into the level and is brought back to close above the level. The combination of these factors usually indicates that the level will be flipped.
Finally, another important thing to look for is a divergence between trend and volume. I generally get cautious when prices are trending, but volume is decreasing. For example, when the price keeps pushing up on lower volume, it suggest that only a few people are contributing to the trend. I usually look to exit my positions when this happens.
As you can see, the volume profile is plotted vertically rather than horizontally. It shows how much volume is transacted at different price levels. It can be used to identify areas of support and resistance. If you can’t find the option on the toolbar, click on the Quick Search option in the top-left drop-down menu.You can use volume profiles to find areas of interest, liquidity voids, resistance and support. At the same time, time-based volume can be used to get more clarity in trading analysis.
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