BITCOIN: A sign of relief?
BTCUSDT has followed the downtrend started by the global markets after the Evergrade scandal.
This really brings back memories of the early 2020's COVID scare that brought BTCUSDT all the way down to sub 4K prices for a short period of time.
Now after the steep fall from 52K we seem to have found support on the 180 EMA and previous resistance.
As we can see on the right the volume profile shows the support area of 40.6K to 37.7K to have some decent volume to back it off.
With even higher volumes down in the lower part of the range all the way to 30K as possible support and quite a psychological barrier.
30K really looks like quite a key level because as one of the last support's above the 2017 ATH, it's quite a symbol of this Bullrun and how much BTCUSDT has increased in value since March 2020.
I have some faith in the strength of this support, we will probably range for a while as we consolidate here, unless really serious bearish news starts flooding in and we could repeat the scare of 2020 (we never learn right?)
As always keep both eyes open and remember:
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS KEY TO SUCCESSFUL TRADING
This really brings back memories of the early 2020's COVID scare that brought BTCUSDT all the way down to sub 4K prices for a short period of time.
Now after the steep fall from 52K we seem to have found support on the 180 EMA and previous resistance.
As we can see on the right the volume profile shows the support area of 40.6K to 37.7K to have some decent volume to back it off.
With even higher volumes down in the lower part of the range all the way to 30K as possible support and quite a psychological barrier.
30K really looks like quite a key level because as one of the last support's above the 2017 ATH, it's quite a symbol of this Bullrun and how much BTCUSDT has increased in value since March 2020.
I have some faith in the strength of this support, we will probably range for a while as we consolidate here, unless really serious bearish news starts flooding in and we could repeat the scare of 2020 (we never learn right?)
As always keep both eyes open and remember:
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS KEY TO SUCCESSFUL TRADING
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