Hello friends ! Today I’ll continue using VPVR to study how we could see a small relief rally here for Bitcoin . You can see the VPVR levels as white graph on the right, with extending orange and red lines. As you can see we fell out of the months long trend line, and rising wedge that I have been tracking for some time. I did decide to sell all my Bitcoin at $57500, when we retested the top of the rising wedge ... but didn’t think we would actually fall to the price target , so I bought back (all) in at $46k . How foolish of me. Looking at this chart now it seems obvious that the correction was coming (Elon or no Elon ).
A lesson learned the hard way. Alas, we met the technical price target of the rising wedge almost exactly ... but what now ?
Using these same VPVR levels I believe we see a bounce here , formation of a W pattern , and retest of the VPVR resistance around 46500-48000. This would also be a retest of the 21 EMA, on the weekly time frame (bull market support), that we broke below on the plunge down . I expect the W to start forming now as we can see a smaller ascending wedge about to break down. The double bottom should be between 34500 and 35850, also in nice confluence with VPVR accumulation on the daily time frame. The neckline of the W in this scenario would be in perfect confluence with the VPVR support/resistance at 37800. I’ve been in a long since 33400, but a close below 34000 will make me walk away from this trade. I’ll be looking to take profits at 42000 and 45000.
It’s fascinating to me how Bitcoin respects these VPVR levels.
What do you think? Leave comments below!
Never leverage more than 5% of your portfolio .
Always take profits before the price target .
Stay safe and come back to fight again .
A lesson learned the hard way. Alas, we met the technical price target of the rising wedge almost exactly ... but what now ?
Using these same VPVR levels I believe we see a bounce here , formation of a W pattern , and retest of the VPVR resistance around 46500-48000. This would also be a retest of the 21 EMA, on the weekly time frame (bull market support), that we broke below on the plunge down . I expect the W to start forming now as we can see a smaller ascending wedge about to break down. The double bottom should be between 34500 and 35850, also in nice confluence with VPVR accumulation on the daily time frame. The neckline of the W in this scenario would be in perfect confluence with the VPVR support/resistance at 37800. I’ve been in a long since 33400, but a close below 34000 will make me walk away from this trade. I’ll be looking to take profits at 42000 and 45000.
It’s fascinating to me how Bitcoin respects these VPVR levels.
What do you think? Leave comments below!
Never leverage more than 5% of your portfolio .
Always take profits before the price target .
Stay safe and come back to fight again .