Bitcoin in Large Bullish Consolidation
Time to reexamine my HTF bias as BTC is at a HTF level.
I was expecting new lows below 3k to happen before 14k is ever hit again. But the lack of selling volume has had me weary for a while. The volume seems to continuously dry up as BTC goes lower and I can't imagine BTC having any serious break down at this pace.
We haven't seen any significant bullishness yet but I want to get in before it's obviously bullish to everyone.
There was a nice bullish SFP at the demand right below my key 6800 s/r level, and it's also the VPOC of the last ~2 years. 7500 has been tested many times and the volume keeps decreasing on each rejection, I think it's on the verge of a large break out.
My HTF bias is now changed as the chart shows.
I think BTC is near the bottom of a large bullish consolidation.
I was expecting new lows below 3k to happen before 14k is ever hit again. But the lack of selling volume has had me weary for a while. The volume seems to continuously dry up as BTC goes lower and I can't imagine BTC having any serious break down at this pace.
We haven't seen any significant bullishness yet but I want to get in before it's obviously bullish to everyone.
There was a nice bullish SFP at the demand right below my key 6800 s/r level, and it's also the VPOC of the last ~2 years. 7500 has been tested many times and the volume keeps decreasing on each rejection, I think it's on the verge of a large break out.
My HTF bias is now changed as the chart shows.
I think BTC is near the bottom of a large bullish consolidation.
Note
Reversal trade setup.
Trade it at bybit.wtf
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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.