Looking at the weekly volume profiles, Last week bitcoin failed to shift value lower for the first time in 4 weeks
It did reject the 7100 area and filled in the gap on the weekly profile from the 9th April
I'm looking for bitcoin to hold the retest of 7500 (last weeks POC) and move price above 7600ish (Last weeks Value Area High + and key level from 9th...
Bears are still in control, value has been pulled lower and we're trading below last weeks POC @ 7521
"Usually" when we trade inside last weeks value area we test the opposite side of value (7891), the bulls have some work to do if that is to happen
7602, 7891, 8591 & 8215 are key levels on my radar for shorts
If 7251doesn't hold (last weeks value area low)...
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...
Nobody has a crystal ball, if they do its probably fake. The Auction process can help us understand what is going as the price action plays out and i've laid out my view on Bitcoin for the next 5 days
- Large hole in the weekly volume profile from April 9th should ideally be filled out.
- Most likely we will test the Value Area Low @ 6965.
- Ideal scenario is...
The Average upside volatility for the week measures in at 12767.
Bulls are in control and if we break above 12767 and accept higher price, can we push through 13k?
if we reject this level we would see a pullback.