Bitcoin tightening. 8K target?
Updated
Hello traders,
Looking at the daily chart for Bitcoin, we can see that Bitcoin has been forming tightening equilibrium, and we can expect some volatility very soon :)
From technical point of view, Bitcoin is forming a daily (weekly) falling wedge, which is a bullish pattern. However, there are few bearish sigh that can't be ignored. Looking at dynamic volume profile, we can see that 11K area has been extensively traded in July and August. (pink line) After August 14th, this level was rejected twice (black arrows), which means that traders who were trading this range are no longer interested in buying. To make things worse, we saw dynamic volume profile dipped for the first time in daily chart (10.3K), which means that bears are starting to gain control. Unfortunately, if Bitcoin does not surpass 10.3K mark, the imminent dynamic volume profile support is 8K, which is roughly where 50% fibonacci level is.
If Bitcoin breaks bullish, it should test 12K again.
Happy trading!!
Looking at the daily chart for Bitcoin, we can see that Bitcoin has been forming tightening equilibrium, and we can expect some volatility very soon :)
From technical point of view, Bitcoin is forming a daily (weekly) falling wedge, which is a bullish pattern. However, there are few bearish sigh that can't be ignored. Looking at dynamic volume profile, we can see that 11K area has been extensively traded in July and August. (pink line) After August 14th, this level was rejected twice (black arrows), which means that traders who were trading this range are no longer interested in buying. To make things worse, we saw dynamic volume profile dipped for the first time in daily chart (10.3K), which means that bears are starting to gain control. Unfortunately, if Bitcoin does not surpass 10.3K mark, the imminent dynamic volume profile support is 8K, which is roughly where 50% fibonacci level is.
If Bitcoin breaks bullish, it should test 12K again.
Happy trading!!
Note
There it is!! Bitcoin can't break 10.3K, and this triggered high selling :)Note
Bitcoin retested 10.3K again in past couple days, and it was rejected. There was also an bearish MACD cross-over yesterday. Expect some bearish pressure next couple weeks. Trade closed: target reached
Note
good 5% profit so far. Selling again as it can retest back to $8000.
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