After the falling wedge was cancelled and the price broke down from the FRVP support of approximately $67,200, BTC's price behavior has more closely resembled a descending channel than another, larger falling wedge. However, support could be found in another important trading area identified by the FRVP: $62,000. There is a volume vacuum between $63,000 and $66,000, an area with low trade volume. Holding at or around the $62,000 support level and breaking the (now) resistance at $67,000 could be a turning point that propels the price upwards again.
Trade active
BTC broke resistance and hit the trigger level at $67,200.Trade active
BTC broke the FRVP resistance at $67,200 and is now breaking the old ATH resistance of $69,000. A vacuum of trading volume suggests that there are no more resistances until the $72,000 level.
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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.