On the daily chart, the instrument is trading within a range. The long vector from point 7 has been played out. There are several seller zones at the upper boundary of the range. From the first of these zones, the price has interacted twice, but the seller has not yet shown significant activity.
On the hourly chart, the price has broken out of the range and, after defending the breakout (BTC level - 27641), initiated an hourly trend.
A long trade can be considered if the buyer defends the hourly BTC level (27641) as long as the candle with the highest volume in the last hourly impulse is not suppressed. Ideally, the price should touch the daily buyer's zone (upper boundary of zone - 27477). The target is to update local highs and touch the upper seller zone on the daily chart at point 4 of the daily range (lower boundary - 30251).
A short trade can be considered from the seller zone at point 4 of the daily range (lower boundary - 30251) with the goal of reaching the buyer's zone on the daily chart at point 7 of the daily range (upper boundary of the zone - 25900).
If the hourly BTC level (27641) is not defended by the buyer and the candle with the highest volume in the last hourly impulse is suppressed, then a short trade can be considered with the goal of reaching at least 26538 or the buyer's zone at point 7 of the daily range (upper boundary of the zone - 25900).
Good luck with your trading!
Disclaimer:
This case study is for educational purposes only and does not constitute investment advice or recommendations.
The trading or investment ideas presented here are for illustrative purposes only and are an integral part of a case study demonstrating the concepts of using volume to analyze or trade within the market scenarios discussed.
On the hourly chart, the price has broken out of the range and, after defending the breakout (BTC level - 27641), initiated an hourly trend.
A long trade can be considered if the buyer defends the hourly BTC level (27641) as long as the candle with the highest volume in the last hourly impulse is not suppressed. Ideally, the price should touch the daily buyer's zone (upper boundary of zone - 27477). The target is to update local highs and touch the upper seller zone on the daily chart at point 4 of the daily range (lower boundary - 30251).
A short trade can be considered from the seller zone at point 4 of the daily range (lower boundary - 30251) with the goal of reaching the buyer's zone on the daily chart at point 7 of the daily range (upper boundary of the zone - 25900).
If the hourly BTC level (27641) is not defended by the buyer and the candle with the highest volume in the last hourly impulse is suppressed, then a short trade can be considered with the goal of reaching at least 26538 or the buyer's zone at point 7 of the daily range (upper boundary of the zone - 25900).
Good luck with your trading!
Disclaimer:
This case study is for educational purposes only and does not constitute investment advice or recommendations.
The trading or investment ideas presented here are for illustrative purposes only and are an integral part of a case study demonstrating the concepts of using volume to analyze or trade within the market scenarios discussed.
Comment:
There was renewed buying interest on the daily chart yesterday. A long trade could be considered when buyer defend the daily level at 28069, which is a test of the Oct 16, 2023 candlestick
Good luck with your trading!