DennisLeeBTC

What's a fair price for BTC?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The market seems to have reached agreement on the price of BTC in the 8k range. Anything above 9k or below 7.9 has been swiftly rejected by buyers and sellers. Notice the curve of the price action as it rounds out whenever it approaches low volume areas on the volume profile . I have my doubts as to whether we can sustain our current rally due to an overall downtrend in volume as we go higher. 8.7 to 8.8k seems about as high as it is going to go.
Comment: It's possible we are merely retesting the top of the wedge before bouncing off of it or sliding down to find the bottom. I'm inclined towards the latter just due to the obvious distribution activity i'm seeing on the order books.

If there is a plan to re-accumulate in that area be wary of a spike down to 7450 as an ST to wash out longs followed by an upthrust to make sure shorts are rekt too.. It's a dangerous range to trade in and has so far been following the same fractal.

But where from here? Sideways / Downish?
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Totally agree. area around 8.1k to 8.2k is confluence of 2 Fibs and the developing PoC for the past 6 months.
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