Bitcoin has been forming a complex trading range. Over the past three months, selling has improved. However, some short-term demand has appeared. The test of the $115K level will be key in revealing the quality of this latest buying.
After the deterioration by selling, there has been some preferred action. The question now is how the price comes to certain levels.
It all started with a specific bar that had some ease of movement over one, two periods. This led to improvement by selling, which was seen over the previous swing down. Off the top, there is again improvement in selling. This improvement is with limited result.
If price stays above a certain level, the question becomes: could we come back to specific levels? At this point, the market is retesting something.
The behavior at these levels will be important in determining the next move for Bitcoin and whether the quality of recent buying can hold up at the $115K test.
After the deterioration by selling, there has been some preferred action. The question now is how the price comes to certain levels.
It all started with a specific bar that had some ease of movement over one, two periods. This led to improvement by selling, which was seen over the previous swing down. Off the top, there is again improvement in selling. This improvement is with limited result.
If price stays above a certain level, the question becomes: could we come back to specific levels? At this point, the market is retesting something.
The behavior at these levels will be important in determining the next move for Bitcoin and whether the quality of recent buying can hold up at the $115K test.
Wyckoff Method Trading and Education
wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies
wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies
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.
Wyckoff Method Trading and Education
wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies
wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies
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.