ANALYSIS BITCOIN 29/06/2024
Bitcoin (BTCUSD) chart, let's go over the key elements visible in the image:
Price Levels: The current price of Bitcoin is around $60,830.
VWAP Levels: The VWAP (Volume Weighted Average Price) for the month is shown with three lines:
66,021 (upper)
69,398 (middle)
62,643 (lower)
Fib Retracement Levels:
The significant Fibonacci retracement levels are marked, with key levels at:
0.236 (62,462)
0.382 (58,504)
0.5 (56,013)
0.618 (53,522)
0.764 (50,058)
1.618 (40,797)
Volume Profile: The volume profile is shown, indicating high trading activity around certain price levels, especially between $60,000 and $70,000.
Trendlines and Projections:
A downward projection suggests possible lower targets.
Potential bullish target projection upwards, aiming towards $83,575 if a reversal occurs.
Moving Averages: Short-term and long-term moving averages are included, suggesting a bearish trend as the current price is below the VWAP.
Analysis:
Current Trend:
The price is below the VWAP, indicating bearish sentiment in the short term.
The downward projection line suggests a potential further drop if the current support levels do not hold.
Support and Resistance:
Support: Around $58,504 (0.382 Fib level) and $56,013 (0.5 Fib level).
Resistance: The VWAP levels at $62,643, $66,021, and $69,398 act as resistance.
Price Projections:
If the price breaks below $58,504, it could drop further to the next support levels at $56,013 or even $53,522.
A bullish reversal above $62,462 could aim for the VWAP levels and possibly higher to $83,575.
Trading Strategy:
Short Positions: Enter if the price breaks below $58,504 with targets at $56,013 and $53,522.
Long Positions: Consider entering above $62,462 with targets at $66,021 and $69,398. Further confirmation is needed for a strong uptrend towards $83,575.
In summary, Bitcoin is currently in a bearish trend with significant resistance levels to overcome. The support levels should be closely monitored for potential drops, while a breakout above the resistance could indicate a reversal.
Price Levels: The current price of Bitcoin is around $60,830.
VWAP Levels: The VWAP (Volume Weighted Average Price) for the month is shown with three lines:
66,021 (upper)
69,398 (middle)
62,643 (lower)
Fib Retracement Levels:
The significant Fibonacci retracement levels are marked, with key levels at:
0.236 (62,462)
0.382 (58,504)
0.5 (56,013)
0.618 (53,522)
0.764 (50,058)
1.618 (40,797)
Volume Profile: The volume profile is shown, indicating high trading activity around certain price levels, especially between $60,000 and $70,000.
Trendlines and Projections:
A downward projection suggests possible lower targets.
Potential bullish target projection upwards, aiming towards $83,575 if a reversal occurs.
Moving Averages: Short-term and long-term moving averages are included, suggesting a bearish trend as the current price is below the VWAP.
Analysis:
Current Trend:
The price is below the VWAP, indicating bearish sentiment in the short term.
The downward projection line suggests a potential further drop if the current support levels do not hold.
Support and Resistance:
Support: Around $58,504 (0.382 Fib level) and $56,013 (0.5 Fib level).
Resistance: The VWAP levels at $62,643, $66,021, and $69,398 act as resistance.
Price Projections:
If the price breaks below $58,504, it could drop further to the next support levels at $56,013 or even $53,522.
A bullish reversal above $62,462 could aim for the VWAP levels and possibly higher to $83,575.
Trading Strategy:
Short Positions: Enter if the price breaks below $58,504 with targets at $56,013 and $53,522.
Long Positions: Consider entering above $62,462 with targets at $66,021 and $69,398. Further confirmation is needed for a strong uptrend towards $83,575.
In summary, Bitcoin is currently in a bearish trend with significant resistance levels to overcome. The support levels should be closely monitored for potential drops, while a breakout above the resistance could indicate a reversal.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.