The chart highlights a clear Double Top formation near the $79,360 level (labeled as PDH or Previous Day High area). This is a textbook reversal or consolidation pattern.
• Current Support: The price is sitting exactly on the PDL (Previous Day Low) at approximately $76,585. This level is critical; it aligns with the previous breakout peak from mid-March ($76,410).
• The Correction: The 4H candles show a series of lower highs and a sharp rejection from the $79k region, suggesting a shift toward a distribution phase in the short term.
2. Institutional Volume Map Analysis
The volume profile on the left provides the "map" for where the big players have placed their bets:
• High Volume Node (HVN): There is a massive cluster of interest between $74,000 and $75,000 (highlighted by the yellow band). This is your "Value Area" where price is likely to find strong support if the current $76k level fails.
• Liquidity Void: Notice the thin volume bars between $75,000 and $76,500. This suggests that if the current support breaks, the drop to $75k could be quite rapid as there is less historical participation to slow it down.
• Deeper Support: Another significant node sits at $71,500, which would be the "ultimate" support in a deeper healthy correction.
3. Dynamic Indicators
• Purple Moving Average/VWAP: This line is currently tracking at $73,934. It is trending upward, which supports the overall bullish bias, but the gap between the price ($76.5k) and this line suggests a "mean reversion" may be underway.
• VWAP Deviation (+3.59%): Being nearly 4% above the VWAP deviation usually invites a period of sideways consolidation or a "retest of the mean" before the next leg up.
• Current Support: The price is sitting exactly on the PDL (Previous Day Low) at approximately $76,585. This level is critical; it aligns with the previous breakout peak from mid-March ($76,410).
• The Correction: The 4H candles show a series of lower highs and a sharp rejection from the $79k region, suggesting a shift toward a distribution phase in the short term.
2. Institutional Volume Map Analysis
The volume profile on the left provides the "map" for where the big players have placed their bets:
• High Volume Node (HVN): There is a massive cluster of interest between $74,000 and $75,000 (highlighted by the yellow band). This is your "Value Area" where price is likely to find strong support if the current $76k level fails.
• Liquidity Void: Notice the thin volume bars between $75,000 and $76,500. This suggests that if the current support breaks, the drop to $75k could be quite rapid as there is less historical participation to slow it down.
• Deeper Support: Another significant node sits at $71,500, which would be the "ultimate" support in a deeper healthy correction.
3. Dynamic Indicators
• Purple Moving Average/VWAP: This line is currently tracking at $73,934. It is trending upward, which supports the overall bullish bias, but the gap between the price ($76.5k) and this line suggests a "mean reversion" may be underway.
• VWAP Deviation (+3.59%): Being nearly 4% above the VWAP deviation usually invites a period of sideways consolidation or a "retest of the mean" before the next leg up.
Daily top picks analysis → free & paid tiers
Custom Institutional volume terminal included with paid sub
thecantillonreport.substack.com/?utm_source=tradingview
cantillonresearch.com/
youtube.com/@cantillonresearch
Custom Institutional volume terminal included with paid sub
thecantillonreport.substack.com/?utm_source=tradingview
cantillonresearch.com/
youtube.com/@cantillonresearch
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Daily top picks analysis → free & paid tiers
Custom Institutional volume terminal included with paid sub
thecantillonreport.substack.com/?utm_source=tradingview
cantillonresearch.com/
youtube.com/@cantillonresearch
Custom Institutional volume terminal included with paid sub
thecantillonreport.substack.com/?utm_source=tradingview
cantillonresearch.com/
youtube.com/@cantillonresearch
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.