it appears that the market is bearish. The chart indicates a support level at 37000 in the year 2022. If the weekly candle closes below 38000, there is a possibility of a downtrend. The trend range is between 24800 and 37000, with 24800 serving as a support level.
The volume profiles on the chart show a low volume node in the range of 30000 and 31000, indicating a lack of significant volume in this range. Additionally, the breakout in April and the support line before that suggest the potential for a support to turn into resistance, as indicated by the point of control (POC) of the smaller volume profile in conjunction with the value high (VH) of the larger volume profile.
If the weekly candle Close Is under 38000 This theory is valid.
The next target after 30000 could be 28600, based on this (POC) of the smaller volume profile and Long range on 30000. Overall, these factors suggest a bearish market outlook.
Wishing you all success in your financial endeavors:)
Best regards
The volume profiles on the chart show a low volume node in the range of 30000 and 31000, indicating a lack of significant volume in this range. Additionally, the breakout in April and the support line before that suggest the potential for a support to turn into resistance, as indicated by the point of control (POC) of the smaller volume profile in conjunction with the value high (VH) of the larger volume profile.
If the weekly candle Close Is under 38000 This theory is valid.
The next target after 30000 could be 28600, based on this (POC) of the smaller volume profile and Long range on 30000. Overall, these factors suggest a bearish market outlook.
Wishing you all success in your financial endeavors:)
Best regards