BitcoinLong
Bitcoin as Water. Will Bitcoin move towards less resistance?
Aggiornato
Hello,
The volume profile of this chart with 4-hour candles indicates two levels where high trading interest can be found. One of these levels is the orange level, 91.5k, around which Bitcoin built a strong support zone. The other level is the red line, 98.5k, where BTC has a strong sell zone. I expect the price action to unfold between these two zones. You may ask which would come next. The current price, 97.1k, is closer to the sell zone than the buy zone. Hitting the sell zone requires less effort than falling into the buy zone. A few people observed that the market often moves towards less resistance. This lesser resistance is now moving into the sell zone. Furthermore, MACD goes up like a bullish trend, which means technicals contribute to BTC hitting the sell zone next time. The white trendline on the chart can act as additional support, which means for BTC to fall into the buy zone, it has to cut down the white trendline. Again, the less resistance for the price would be not to cut down the support trendline, but to pump into the sell zone, which is open from the bottom up without additional resistance standing in the way.
Regards,
Ely
The volume profile of this chart with 4-hour candles indicates two levels where high trading interest can be found. One of these levels is the orange level, 91.5k, around which Bitcoin built a strong support zone. The other level is the red line, 98.5k, where BTC has a strong sell zone. I expect the price action to unfold between these two zones. You may ask which would come next. The current price, 97.1k, is closer to the sell zone than the buy zone. Hitting the sell zone requires less effort than falling into the buy zone. A few people observed that the market often moves towards less resistance. This lesser resistance is now moving into the sell zone. Furthermore, MACD goes up like a bullish trend, which means technicals contribute to BTC hitting the sell zone next time. The white trendline on the chart can act as additional support, which means for BTC to fall into the buy zone, it has to cut down the white trendline. Again, the less resistance for the price would be not to cut down the support trendline, but to pump into the sell zone, which is open from the bottom up without additional resistance standing in the way.
Regards,
Ely
Trade attivo
If you lengthen the white supporting trendline, you can observe that Bitcoin bounced from it. Considering a tracing stop loss, where the stop loss is always below the white line, the trade might still be active. Although I don't believe in a new ATH soon, Bitcoin might consolidate in a range with an average price above the current price.Trade chiuso: obiettivo raggiunto
1st Target Price, 97.9k, Hit.Nota
All Target Prices are hit. The idea's complete.
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