Good morning Chart Surfers,
In the world of Bitcoin/USD trading, we've witnessed a notable surge in trading volume that has brought us into a significant weekly order block. What's intriguing is that we've received a noticeable reaction from this order block, suggesting its importance. When you consider TPO chart volume data, which unfortunately isn't available here, and the monthly VWAP (indicated by the red line), it paints a rather bullish picture.
However, despite these bullish signals, it's worth noting that the recent rally in Bitcoin has been quite substantial. As of today's data, caution is warranted. Should we see a retracement back to the 26,479 level, and if this level holds, there may be an opportunity to go long. But for now, it might be prudent to consider scalping moves, particularly when we encounter retracements of around 80%.
In a market as dynamic and unpredictable as Bitcoin, a approach reminds us to weigh the data carefully and remain prepared for a variety of potential outcomes.
In the world of Bitcoin/USD trading, we've witnessed a notable surge in trading volume that has brought us into a significant weekly order block. What's intriguing is that we've received a noticeable reaction from this order block, suggesting its importance. When you consider TPO chart volume data, which unfortunately isn't available here, and the monthly VWAP (indicated by the red line), it paints a rather bullish picture.
However, despite these bullish signals, it's worth noting that the recent rally in Bitcoin has been quite substantial. As of today's data, caution is warranted. Should we see a retracement back to the 26,479 level, and if this level holds, there may be an opportunity to go long. But for now, it might be prudent to consider scalping moves, particularly when we encounter retracements of around 80%.
In a market as dynamic and unpredictable as Bitcoin, a approach reminds us to weigh the data carefully and remain prepared for a variety of potential outcomes.
Daniel P. Fadejev
