BTC Market Update - April 14th to Present.
After the triangle fakeout on April 8th, Bitcoin experienced a significant drop, reaching a low of $59,660. Despite this drop, the macro perspective remains bullish. Currently, BTC is trading around the $64,000 area, with a range low of $60,000 and a range high near $70,000.
Since the last update, the price moved to the Fixed Range Volume Profile (FRVP) Point of Control (POC) and faced rejection, finding support at the FRVP's Value Area Low (VAL). Later, BTC lost this support, flipping it into resistance.
However, Bitcoin bounced strongly from the range low with a short squeeze, reaching the POC again as expected. Congratulations to those who took the longs and shorts at the levels mentioned in the previous idea—they're likely in good profits now.
Looking ahead, there are signs of temporary weakness in the stock market, which often correlates with BTC. Despite this, I suggest considering long positions at 61,700, a Monthly VAL and Weekly Naked POC level, with caution and only if there's a strong bounce. If this level flips to resistance, a drop to the 51,500 area might be on the horizon.
For long-term time-frame (LTF) shorts, I'd watch 69,000, the Value Area High (VAH) of the FRVP, as a level to monitor for signs of weakness. If the price shows strength, new all-time highs could be in sight.
For short-term time-frame (STF) shorts, 65,250 (as a Weakly Vwap) could be a key level to consider for potential weakness.
*STF trades should be monitored, and profits should be taken at the first sign of weakness.
Exercise patience, and stay tuned for more updates and actionable trading ideas!
Since the last update, the price moved to the Fixed Range Volume Profile (FRVP) Point of Control (POC) and faced rejection, finding support at the FRVP's Value Area Low (VAL). Later, BTC lost this support, flipping it into resistance.
However, Bitcoin bounced strongly from the range low with a short squeeze, reaching the POC again as expected. Congratulations to those who took the longs and shorts at the levels mentioned in the previous idea—they're likely in good profits now.
Looking ahead, there are signs of temporary weakness in the stock market, which often correlates with BTC. Despite this, I suggest considering long positions at 61,700, a Monthly VAL and Weekly Naked POC level, with caution and only if there's a strong bounce. If this level flips to resistance, a drop to the 51,500 area might be on the horizon.
For long-term time-frame (LTF) shorts, I'd watch 69,000, the Value Area High (VAH) of the FRVP, as a level to monitor for signs of weakness. If the price shows strength, new all-time highs could be in sight.
For short-term time-frame (STF) shorts, 65,250 (as a Weakly Vwap) could be a key level to consider for potential weakness.
*STF trades should be monitored, and profits should be taken at the first sign of weakness.
Exercise patience, and stay tuned for more updates and actionable trading ideas!