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!
Nice charting s!!
o the blue and yellow are volime at price weughted against something?
Asanato
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@JosephWagner_618, the volume histogram shows the total volume of realized trade volume at price. In this case, blue is the volume of buyers and yellow is the volume of sellers. Their sum is always the total volume at price. Feel free to ask more.