Hello Guys and Community!
Check out my analysis on Bitcoin.
Bitcoin is now at a very strong S / R level, which I reported last week, but also at a very important long term trendline. No daylight has closed below the important pivot low yet, so it is still not a confirmation of the downtrend. The level where bitcoin is now located is very important both in terms of technical analysis and the Market Profile method. Personally, I don't know if bitcoin will go up or down, but we can certainly expect movement and out of balance.
A very important zone in terms of support is the 7800, where the annual Point of Control is even the Point of Control last year, important levels from the Value Area and also there is the largest shopping candle in recent weeks. I see another important level up around 7060 and 5200. As for moving up there is a lot of stoploss zone, if activated it can cause a sharp movement. The question will then be whether the movement will be false or, on the contrary, will start a new trend.
Currently I will be looking for smaller timeframe entries to the long but I will be careful in case of trendline breakout. I will look for more inputs on the levels you see in the chart or on the new ones that will be created over time.
I hope the analysis helps you. Have a nice weekend!
Check out my analysis on Bitcoin.
Bitcoin is now at a very strong S / R level, which I reported last week, but also at a very important long term trendline. No daylight has closed below the important pivot low yet, so it is still not a confirmation of the downtrend. The level where bitcoin is now located is very important both in terms of technical analysis and the Market Profile method. Personally, I don't know if bitcoin will go up or down, but we can certainly expect movement and out of balance.
A very important zone in terms of support is the 7800, where the annual Point of Control is even the Point of Control last year, important levels from the Value Area and also there is the largest shopping candle in recent weeks. I see another important level up around 7060 and 5200. As for moving up there is a lot of stoploss zone, if activated it can cause a sharp movement. The question will then be whether the movement will be false or, on the contrary, will start a new trend.
Currently I will be looking for smaller timeframe entries to the long but I will be careful in case of trendline breakout. I will look for more inputs on the levels you see in the chart or on the new ones that will be created over time.
I hope the analysis helps you. Have a nice weekend!
Comment:
Weekly S/R update and Key levels
