Whoooosh!
What is with all the heavy charts and jargon man? Everyone knows that TA doesn't work with Bitcoin, it is not a stock! Anyone who thinks otherwise just doesn't understand Bitcoin.
Why not just post a meme of a rocket or some sick jpeg of an actual bear being slaughtered!?
Only kidding. What I really meant to say is that I hadn't discovered OBV until just then. Definitely looks like another one to be adding to my list of 'go to' indicators. Since I have only just discovered it, I guess I can't really have a big opinion on it. However! I notice that on the shorter time frames, that the OBV suggests that the recent spike up from $570 to $597 was a confirmed rise, with new highs being met on the OBV since the breakout at $460, yet when you get up to the 1 hour bars, the OBV gives a non-confirmed high on the most recent break-out.
What is all that about?
My own personal bias is (or was) that Bitcoin will correct a bit more, and then go much further up. Much further than your $610 target. However, that volume spike that took Bitcoin vertically up from $570 to just below the trendline (although crucially, not above the trendline), does seem to me like a strong indication of the market's intent?
Edit: Nice to have a valuable contributor to this forum around. Good posters seem to be in increasingly short supply here.
Smaller timeframe will give you more accurate data. This has to do with how OBV is generated. I recommend using other indicators to confirm as well. Sidetracking, OBV can also be improved by multiplying price changes with volume. This is because some days, price doesn't move while there is volume, hence moving the OBV causing noise.
"does seem to me like a strong indication of the market's intent? " YES, I drew the trendline so readers can understand from the big picture. You are correct.