By looking volume profile from the beginning of 2021 year, it indicates the highest volume node at 33k$. So this level can be considered as a serious support. From that point we have seen growing each day til the 39k$ resistance and touched the trend line of global descending channel from which we got rejected and went down to the local highest volume node around 36600$. We bounced at this local support and finally broke that global trend line but IMO today volume is not enough and we are looking for a retest of this trend line to confirm this breakout. In that case a good long entry point can be the local highest volume node around 36600$.
We broke the long term RSI descending trend line, retested it and moved above 50.
Also another important point in favour of that bottom is that under 34k$, mining BTC is not anymore profitable.
ENTRY: 36600$
TP1: 44k$
TP2: 48k$
TP3: 52k$
SL: 35500$
We broke the long term RSI descending trend line, retested it and moved above 50.
Also another important point in favour of that bottom is that under 34k$, mining BTC is not anymore profitable.
ENTRY: 36600$
TP1: 44k$
TP2: 48k$
TP3: 52k$
SL: 35500$
