Potential support bands laid out based on the high volume node groupings in the volume profile post march 2020 COVID-19 Dump. Bollinger Bands are very narrow as BTC is about conclude the triangle pattern it is in. It is my belief that the bearish trend will continue through the summer, with the next strong downward move to come in the next week or so. This is supported by the narrowing Bollinger Bands, signaling that volatility will pick up soon. A downward break of the triangle will most likely lead to a death cross as well. Overall not looking good at all for BTC, and consequently even worse for ALTS.
Comment:
The first target of a bearish triangle breakdown was taken as the max width of the triangle down from the potential breakdown point. This puts us in the next cluster of relatively high volume nodes in the volume profile. However, w.r.t. the entire volume profile, this cluster is not very high. So i'm anticipating bearish consolidation in the 22k-24k range before ultimately continuing down to the 17k-20k range I have laid out.
Comment:
If the 17k-20k range falls, then my guess is we're headed for the point of control around 9k, or little higher in the 11-12k range.