Remember, a particular market ranges around 75% of the time.
The other 25% of the time, it is either in an uptrend or downtrend.
When a specific market shows signs that it's ranging, you can expect it to be there for a while, but be ready for a trend in either direction.
Here, we see good signs that BTC is in a range right now, and this range is inside of a descending triangle, which is a NEUTRAL pattern.
Also, the Volume Profile is parabolic in shape. This suggests that the bulk of trading happened right at the middle of this range, further suggesting that prices have been well discovered in this range.
So, really, all the signs point to a ranging, neutral market here.
I drew a few Fibs and saw that this market is pivoting around key levels.
Let's take a look ...
Based off of the Fib from the high around $13.9K and the low off of $9K,
we can see the levels of 0.382 and 0.618 being used as key levels of resistance.
Based off of the Fib from the low around $9.6K and the high around $13.6K,
we can see the levels of 1 and 1.13 being used as key levels of support.
The levels of 0.382, 0.618, 1, and 1.13 are historically observed as KEY LEVELS of support, resistance or reversal, so pay attention.
Let's wait and see what happens.
The other 25% of the time, it is either in an uptrend or downtrend.
When a specific market shows signs that it's ranging, you can expect it to be there for a while, but be ready for a trend in either direction.
Here, we see good signs that BTC is in a range right now, and this range is inside of a descending triangle, which is a NEUTRAL pattern.
Also, the Volume Profile is parabolic in shape. This suggests that the bulk of trading happened right at the middle of this range, further suggesting that prices have been well discovered in this range.
So, really, all the signs point to a ranging, neutral market here.
I drew a few Fibs and saw that this market is pivoting around key levels.
Let's take a look ...
Based off of the Fib from the high around $13.9K and the low off of $9K,
we can see the levels of 0.382 and 0.618 being used as key levels of resistance.
Based off of the Fib from the low around $9.6K and the high around $13.6K,
we can see the levels of 1 and 1.13 being used as key levels of support.
The levels of 0.382, 0.618, 1, and 1.13 are historically observed as KEY LEVELS of support, resistance or reversal, so pay attention.
Let's wait and see what happens.
