Hello everyone! This is a daily analysis from a trader-analyst at CryptoRobotics.
Yesterday, despite a positive chart structure, Bitcoin broke out of the accumulation zone to the downside. This move was influenced by the escalation of the conflict in the Middle East and extreme FOMO among retail traders.
The main expectation is a decline toward the nearest buyer zone at $105,800–$104,500 (accumulated volumes), where we will look for long entry opportunities. This zone is very strong and is likely to hold with a 90% probability. An additional confirmation is the presence of predictive liquidations of long positions within this zone, which could serve as fuel for a reversal.
During the decline, two new resistance zones were formed. In the short term, short positions from these areas can be considered until the support is tested.
Sell Zones:
$107,900–$108,500 (strong seller activity)
$109,000–$110,000 (accumulated volumes)
Buy Zones:
$105,800–$104,500 (accumulated volumes)
$101,600–$100,000 (zone of previous pushing volumes + current buyer defense)
$98,000–$97,200 (local support)
Level at $93,000
$91,500–$90,000 (strong buying imbalance)
This publication is not financial advice.
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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.