The situation on BTC has changed a little bit. The price returned to the balance and reached its middle.
What does it mean?
1. The market is not ready to grow as it should.
2. Buyers are not active enough.
3. In case of breakdown of this level, the price is waiting for an adventure down to 7400.
Also there is one more level that can rebound the price - level 7700.
In summary, we have 2 levels for buy positions - 7700 and 7400. Both levels are best worth considering with additional confirmation of volume (vertical or market profile).
Stop loss in both cases must be 7295.
If the price break down 7300, the potential support levels would be: 6500 (weak level, needs confirmation), 6000 (strong level) and 5700 (very strong - max volume of October 2017).
At the moment, everything is in the bearish scenario, be careful.
If the price bounces from the current level, you can try to buy on a rollback to this level with a short stop
Glossary of terms
What does it mean?
1. The market is not ready to grow as it should.
2. Buyers are not active enough.
3. In case of breakdown of this level, the price is waiting for an adventure down to 7400.
Also there is one more level that can rebound the price - level 7700.
In summary, we have 2 levels for buy positions - 7700 and 7400. Both levels are best worth considering with additional confirmation of volume (vertical or market profile).
Stop loss in both cases must be 7295.
If the price break down 7300, the potential support levels would be: 6500 (weak level, needs confirmation), 6000 (strong level) and 5700 (very strong - max volume of October 2017).
At the moment, everything is in the bearish scenario, be careful.
If the price bounces from the current level, you can try to buy on a rollback to this level with a short stop
Glossary of terms
- Point of Control (P O C) – The price level for the time period with the highest traded volume .
- Value Area (V A) – The range of price levels in which a specified percentage of all volume was traded during the time period. Typically, this percentage is set to 70% however it is up to the trader’s discretion.
- Balance - Accumulation Area.
- F L - flat level.
- T L - trend level.
- Fixing (fix, culmination) - reverse price reaction then the markets stops i'ts movement for a short time. The trend stops when it passes through 2-3 fixing movement.
Nota
BTC is still in downtrend. Level 7700 is too weak for rebound the price. Also the volumes are very small. So I don't see any strong bull signs. With a high probability the price will fall to 7400.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.