Quick overview of some key Anchored VWAP targets/ support/ resistance.
First up we take a look at the most recent swing high before the leg down on the 8th of May, as you can see this is still quite a strong resistance, with any rally being sold into.
The next VWAP Anchor point from the 11th of December compounds the resistance from the first anchor point, remember that a confluence of resistance strengths the case of that resistance.
Visually both VWAP are converging around the same price points, near the $40,000- $38,500 levels.
On the bullish side there does seem to be some support present at 8th of September Anchor point, this is significant because this breakout level marked a shift in sentiment for Bitcoin, after it broke the near-term high in June/July 2019.
Furthermore, the Anchor point from the March 2020 lows points to support at $22,000 level, this would give back the entire breakout move in 2021.
Time will tell whether Bitcoin can overcome the resistance, that being said move to $20,000 would pose a tremendous buying opportunity.
-TradingEdge
First up we take a look at the most recent swing high before the leg down on the 8th of May, as you can see this is still quite a strong resistance, with any rally being sold into.
The next VWAP Anchor point from the 11th of December compounds the resistance from the first anchor point, remember that a confluence of resistance strengths the case of that resistance.
Visually both VWAP are converging around the same price points, near the $40,000- $38,500 levels.
On the bullish side there does seem to be some support present at 8th of September Anchor point, this is significant because this breakout level marked a shift in sentiment for Bitcoin, after it broke the near-term high in June/July 2019.
Furthermore, the Anchor point from the March 2020 lows points to support at $22,000 level, this would give back the entire breakout move in 2021.
Time will tell whether Bitcoin can overcome the resistance, that being said move to $20,000 would pose a tremendous buying opportunity.
-TradingEdge
