Today Bitcoin has hit the last level of Support for the Bullish Trend that has persisted since October 2023. This comes after making a new All Time High but failing to truly capture the prior All Time High by closing decidedly above it on the Weekly/Monthly.
The Level in question price has hit is a medium-significance Volume Profile level from the bullish trend. Volume Profile has had incredible efficacy in predicting the inflection points of Bitcoin during the last few months.
The significant levels above the current price action are:
$62k Support to Turn Resistance
$51.8k Support
It is important to note WHY this is the "last Support" for Bitcoin here at $51.9k. In the near future I will publish a video about Bitcoin and the Daily Ichimoku cloud as an update to past talks about this method of analysis. TL;DR following the Daily Ichimoku Cloud for trend analysis with Bitcoin is superior to just HODL and I will prove it.
For now, price is NOT bearish. In fact, the bullish trend is contained by the cloud just as it was in January 2024.
However, if price moves down to the NEXT Support at $51.8k it will invalidate the bullish trend flipping it bearish. It is likely price will respond to that support but by then the bullish trend of 2023-2024 will have ended.
Price must hold here at this Support and then it can recapture the cloud to resume to Bullish Trend. This is a highly decisive moment in Price action today.
The Level in question price has hit is a medium-significance Volume Profile level from the bullish trend. Volume Profile has had incredible efficacy in predicting the inflection points of Bitcoin during the last few months.
The significant levels above the current price action are:
$62k Support to Turn Resistance
$51.8k Support
It is important to note WHY this is the "last Support" for Bitcoin here at $51.9k. In the near future I will publish a video about Bitcoin and the Daily Ichimoku cloud as an update to past talks about this method of analysis. TL;DR following the Daily Ichimoku Cloud for trend analysis with Bitcoin is superior to just HODL and I will prove it.
For now, price is NOT bearish. In fact, the bullish trend is contained by the cloud just as it was in January 2024.
However, if price moves down to the NEXT Support at $51.8k it will invalidate the bullish trend flipping it bearish. It is likely price will respond to that support but by then the bullish trend of 2023-2024 will have ended.
Price must hold here at this Support and then it can recapture the cloud to resume to Bullish Trend. This is a highly decisive moment in Price action today.
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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: www.youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Volume Profile is a beautiful thing. Now at Resistance.