BTCUSDT
is looking like it will go for a run to around $61,000 which coincides with the VWAPm and key area of trading activity. Key Observations
- Not visible on this chart, I have been looking at the orderflow and the $56000 area has a significant amount of buy limit orders absorbing the supply coming into the market. It looks as if supply is exhausted at this point.
- On the daily chart this area lines up with the 0.38 retrace. This is a logical place to have large buy limit orders and can expect some reaction upwards.
- The market has been in a balance state with the VPOC of the local range and VWAPw coming together. A close above these two indicates at the very minimal a visit $58000. From there we look for a confirmation of an imbalance to demand further pushing price upwards to the target of $61,000.
- We have formed a smaller re-accumulation in the lower part near the overall spring.
I'm favouring a break to the upside but waiting on confirmation that demand is back in control. If we bounce of the VPOC/close comfortably above the VWAPw I will enter longs. On the flipside, I would only say this structure will be lost with a meaningful move through the $56000. if that happens, time to re-assess the price action again.
VWAPw = VWAP weekly
VWAPm = VWAP monthly