Hi, friends.
BTC is in mini-balance now with the range 7700-8120. In the balance we trade only from the borders or wait while the price breaks one of it.
On 1H timeframe the momentum is still bearish. So for buyers best of all to wait the price on the lower balance level (7700) or wait while the price break out level 8120.
Trade recommendation 1:
Entry point: 7720 (needs confirmation within volume)
Stop: 7685
Target1: 8120
Target2: 8300
Trade recommendation 2:
Entry point: 8120 (after break out)
Stop: 7950
Target1: 7300
Target2: 8596
Glossary of terms
BTC is in mini-balance now with the range 7700-8120. In the balance we trade only from the borders or wait while the price breaks one of it.
On 1H timeframe the momentum is still bearish. So for buyers best of all to wait the price on the lower balance level (7700) or wait while the price break out level 8120.
Trade recommendation 1:
Entry point: 7720 (needs confirmation within volume)
Stop: 7685
Target1: 8120
Target2: 8300
Trade recommendation 2:
Entry point: 8120 (after break out)
Stop: 7950
Target1: 7300
Target2: 8596
Glossary of terms
- Point of Control (P O C) – The price level for the time period with the highest traded volume .
- Value Area (V A) – The range of price levels in which a specified percentage of all volume was traded during the time period. Typically, this percentage is set to 70% however it is up to the trader’s discretion.
- Balance - Accumulation Area.
- F L - flat level.
- T L - trend level.
- Fixing (fix, culmination) - reverse price reaction then the markets stops i'ts movement for a short time. The trend stops when it passes through 2-3 fixing movement.
Note
Hi, friends. BTC Update.
As we expected, the price reached the level 7400. But volume is too low, so the rebound from this level wouldn't be strong enough. Best case scenario
we will see a rebound to 7700.
But the market is still weak, so I expect that price will fall to 7000.
If at this round level Big guys willn't start meet the price, next supports - 6500 and 6000.
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.
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.