Brent Donnelly is a senior risk-taker and FX market maker at HSBC New York and has been trading fore
Bitcoin Market Profile
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No other comments probably because Ben’s article on the narrative of Bitcoin came out the same day. It is very useful to see some “nuts and bolts” methods to utilize Bitcoin as opposed to the “use the force Luke” inner feeling method. I will try to use your Market Profile charts in my trading software (if it has it).
Glad you liked this post! We try to provide a range of different approaches to understanding markets, and Brent is a big help in giving a trader’s perspective. And FWIW, high for BTC since Brent wrote this on Friday was $56,493.
“Expect massive selling between $56,000 and $57,000.”
Ben,
Thanks for opening the door for us to Market Profile charting. Kind of reminds me of Granville’s On Balance Volume charting method. Any reason why volume isn’t factored in this methodology, just price & time?
As I write this, BTC is trading over 58,000 so I guess is a long play from here.
Need daily close above $59,000 to turn bullish (as mentioned in the piece) because the gap zone is $57,000/$59000. Single prints $57,000/$59,000 suggest that is the gap that would need to be filled to relieve the bearish setup.