Currently I see three interesting levels for us, as I wrote yesterday evening again during the Asian session there was a bigger move which however caused the market to open itself. When I look at the overnight volumes there were substantial orders around $16560 from where bitcoin fell, its first stop was around $16419 and then made a short term bottom around $16100 - $16175. Then the last orders where I see a support zone are at $15800.
In between these zones as I marked in the chart on the right you can see that there is a gap of trading volume so Bitcoin just flew through there last night but the markets tend to fill these gaps back in and take orders from the top where there is liquidity.
Therefore, I would say today we will go back to the $16419 level and that is where we will decide if we have made a bottom for a short-term uptrend in December at where we are currently or from $16419 to $16560 we will go into a short again.
There will be very little volume in the London session at the moment, I can only go long when we get back to $16160 - $16180 from there we will bounce towards the last volume at $16419 and above, although the dollar fell on the London opening and Bitcoin didn't get much traction.
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The price has fallen again to $16175 where I am opening my long, in the current situation it is difficult to determine the next move according to the price action and I have to help myself with the size of the order volumes
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As you can see the market also went for the bottom order marked in the analysis at $16018
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How beautifully I predicted the short-term bottom here
really great guess, how did you determine this movement?
Crypto-Frantisek
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@deadrunner, As you can see on the first page there is a volume profile where you can see the amount of contracts traded at a given price and estimate where the market can currently go because the basis of the exchange is to collect liquidity, without orders there will be no movements :)