Follow-up to my 4H overview. Detailed look at the range I'm following and PA at the 1H level.
Bitcoin outlook & major horizontal levels against USD. Support levels denoted in blues and green. Resistance levels denoted in orange and red. Green and red denote the main range under consideration.
A 1D overview of Bitcoin's recent history against the US Dollar on Bitfinex. Put simply, I'm not making any entries until price is back above the 21-day MA. This is my master chart layout and includes all of my frequently used indicators and conventions.
Here, I am using a 4H LTC/BTC chart to estimate the length of a potential downtrend, beginning at this point in time. If the trend holds, I see a turnaround & buying opportunity at the point of confluence between the trend-line and major VPVR support @ 0.017 BTC in early April.
A more recent look at VPVR with the visible range dating back to the beginning of February. OBV, RSI and DPO are also included.
An example of using the confluence of a major VPVR level with a trend line breakout in order to place an entry.
BTC is breaking out of a long term, down-trending channel @ around the $10,700 level. Major VPVR and Fibonacci levels imply there will be further resistance up until about $11,272. A break of that price level could cause a move all the way up towards the 0.618 Fibonacci level @ $14,506 in the near future.
A confluence of bullish moving average crosses and price level moving above major VPVR resistance levels.