Following on from Friday, the same idea remains in place.
We've filled out a good portion of the weekly volume profile from the 9th April, but we're not finished yet, bears are in control.
How bitcoin reacts to the levels marked out will give us good insight to what happens next and could provide short term opportunities (with very TIGHT stops) for active traders profit taking on shorts and hopefully long entries if the opportunity presents its self. If we fall into the blue zone and spend to much time in there, down side moves should continue.
If these levels melt down, i would look to use them as resistance levels and trade this down to the Weekly ATR Low @ 6350
Ideal scenario for bulls would be to test the key volume profile levels, get a nice rejection of lower price, then balance inside the gap from the 9th April weekly volume profile and range for the rest of the week, then we can review the situation from there. This is going to be good what ever happens, lets see how this plays out..............No risk, No reward as the say.
I keep tight stops on my entries and im comfortable with my risk, I hope you do to what ever your strategy is.
We've filled out a good portion of the weekly volume profile from the 9th April, but we're not finished yet, bears are in control.
How bitcoin reacts to the levels marked out will give us good insight to what happens next and could provide short term opportunities (with very TIGHT stops) for active traders profit taking on shorts and hopefully long entries if the opportunity presents its self. If we fall into the blue zone and spend to much time in there, down side moves should continue.
If these levels melt down, i would look to use them as resistance levels and trade this down to the Weekly ATR Low @ 6350
Ideal scenario for bulls would be to test the key volume profile levels, get a nice rejection of lower price, then balance inside the gap from the 9th April weekly volume profile and range for the rest of the week, then we can review the situation from there. This is going to be good what ever happens, lets see how this plays out..............No risk, No reward as the say.
I keep tight stops on my entries and im comfortable with my risk, I hope you do to what ever your strategy is.
