This structure is very subjective, yet it can carry some weight. Drop $14000-6400, then retracement to 62-78% back to $10400-11900 range.
$7550 (+/- 200) is currently the major resistance zone on a higher timeframe. The breakdown below $5900 will initiate another liquidation trend below the $3100 low.
If we start consolidating in the lower range of the big balance area, most likely the support will not hold and Bitcoin will go lower for the price discovery to the low volume node
$7300-7450 is currently a strong support resistance, yet I think the buyers will take it out. The sellers will get more aggressive at $7800-8000 zone.
Bitcoin is ready to break-down from the current range and start looking for a new value area.
The BTC price is back in the range. We are now in false breakout mode, that will expand the range to the downside
A bit early to tell, but many signals of false/failed breakout just happened. The relative volume in the bar is over 10 times higher than the average, yet the price was rejected at the NVPOC of a small range of the left of the chart. If it is a false/failed breakout, we will expend the range to the downside below $8800. Be careful with longs. I am considering open...
We are still in the range $8950-9550. The range can expand both ways. The target for breakdown is $8250-8350, the target for the breakout is $9900+. Because the long-term and mid-term bias is bullish and short-term is neutral, I give more preference to the longs with the targets for the breakout. The sellers still protect resistance at $9500, so those that are...
BTC is in active Head and Shoulder Formation.
BTC is consolidating after the breakdown. No longs are recommended yet in the zone crossed out. Only shorts with stop losses. The higher resistance areas provide better Risk: reward. Still expecting a further drop.
VPOOC=Value Point of Control. The level of the most transacted volume inside the range. A very important reference level after the price moves away from it outside of the range. NVPOC-Naked POC. POC of the range that has never been tested. More important than VPOC. The price broke out of the 3-month range (marked green) Its price boundaries are $9150-14,000. I...