Forex and Crypto News

$6600 became VWAP level for Bitcoin

17:14 31 March /2020

March was a difficult month not only for Bitcoin but for the entire cryptocurrency market. During March, we observed how the price dropped from almost $9000 to a low of $3850. Volatility also increased significantly in March. But it seems that since March 21, the price of Bitcoin has been moving in the range 5800-6800, and has moved to a neutral state. If you look at the daily BTC/USD chart, you can see that the level of $6600 has become a weighted average price. If Bitcoin manages to rise above the level of $6600 and make it its support, we can see further movement to the $7800 area. If the pair BTC/USD drops below the reference price of $6600, it will continue to bearish movement.

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The weighted average price or reference price is determined based on price and volume. It not only shows that traders open meaningful transactions but also helps to reduce risks when trading.

The intersection of VWAP up or down indicates that at this time the trend is especially strong and may continue. VWAP is a guide for traders since it shows when you can make an order that will be profitable.

Therefore, the level of $6600, which became VWAP, has become very important for Bitcoin in the current situation. If the bulls raise the price above this level, this may be a signal that the price of Bitcoin will begin a strong recovery after the hardest March.

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