That's an update of my initial idea (can be found below), which looks a little more in depth using the VPVR (Volume Profile Indicator). Based on the analyses there can be clearly seen that the current levels are crucial for the price of BTC and a strong move is expected very soon (probably even tomorrow - the SEC decision on the BTC ETF approval). As a result, a break of the triangle is expected with the price of 6700 (POC - the level of control) being a major resistance that the bulls should break and get a close above in order the longer term bullish rally to be initiated.
But, in my personal view, the higher risk is the break on the downside with the volume nodes being as significant support/resistance levels. If we going to get a break down the potential target for the BTC price is 3000 - 3600 which is a crucial support area both based on the past price action and the VPVR indicator. But I am sure that we will see a quick bounce from that lows if we get a break down. My only concern is the stochastic which gave a buy signal, but I've tried to project it as well. Not talking about particular trading opportunities here, but in my opinion, the technical set-up is ideal here. Even the RSI formed a triangle and is set to break on an impulsive move.
Leave your views and ideas in the comment section. Thanks to @artgen567 who inspired me on this idea.
Please, check my other ideas and support by following me if you like my content.
But, in my personal view, the higher risk is the break on the downside with the volume nodes being as significant support/resistance levels. If we going to get a break down the potential target for the BTC price is 3000 - 3600 which is a crucial support area both based on the past price action and the VPVR indicator. But I am sure that we will see a quick bounce from that lows if we get a break down. My only concern is the stochastic which gave a buy signal, but I've tried to project it as well. Not talking about particular trading opportunities here, but in my opinion, the technical set-up is ideal here. Even the RSI formed a triangle and is set to break on an impulsive move.
Leave your views and ideas in the comment section. Thanks to @artgen567 who inspired me on this idea.
Please, check my other ideas and support by following me if you like my content.
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