Hi Everyone,
We've got you a BTC update! So we thought it would be useful to give you a more birds eye view approach on BTC hence the update being done on the Daily timeframe by doing this it enables us to have more of an understanding of the overall direction of BTC and the strength of the move.
So as you can see drawn on the chart BTC is conforming to the bullish trend line that started back at the end of last year on the 10th December 2020 kickstarting the crypto bullrun. As price broke through key resistance levels $40000/41000 it then reached another resistance level at $47500 as seen circled on our chart. You can also notice the increased amount of buy volume coming in which makes that level a key resistance point which later holds as support. As price broke out of this key level it then created another high and resistance point $58000 (which is where price is currently sitting in).
Price then rejected this level and came back down in search for support at the previous resistance level ($47000 area). BTC then continued to create higher highs to reach its all time high price of $65000, although it was creating new all time highs it was also creating a rising wedge formation with decreasing buy volume and overall average volume, which resulted in the most recent fall in prices of 27%.
Now this is the important area, now knowing all of the past key levels pointed out earlier in this post, you can clearly see that the pullback in prices came all the way down to the key support area of $47000 but more precisely to $47500 which was also where the Daily 100MA sat. We saw a much bigger buy volume candle than the 2 sell side candles before hand indicating that the buyers were back in some form of control and managed to push prices back up again.
However, we cant help but notice the lack of volume coming back into the market albeit though you can see there are more buy volume bars than sells and the average volume has also increased slightly. Careful attention will need to be taken as price moves towards the very top confluence zone. If sellers start to take back control in the top zone then unfortunately we will have to wait longer for a new all time high. On the other more positive hand, if sell side volume fails to come back into the market within the top zone and buyers stay in control we can expect a small period of consolidation where past resistance turn support in the short term to allow more liquidity to come into the market for the push necessary to break he very top price.
As always if you enjoy the content don't forget to click the like button and make a comment on your opinion.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
We've got you a BTC update! So we thought it would be useful to give you a more birds eye view approach on BTC hence the update being done on the Daily timeframe by doing this it enables us to have more of an understanding of the overall direction of BTC and the strength of the move.
So as you can see drawn on the chart BTC is conforming to the bullish trend line that started back at the end of last year on the 10th December 2020 kickstarting the crypto bullrun. As price broke through key resistance levels $40000/41000 it then reached another resistance level at $47500 as seen circled on our chart. You can also notice the increased amount of buy volume coming in which makes that level a key resistance point which later holds as support. As price broke out of this key level it then created another high and resistance point $58000 (which is where price is currently sitting in).
Price then rejected this level and came back down in search for support at the previous resistance level ($47000 area). BTC then continued to create higher highs to reach its all time high price of $65000, although it was creating new all time highs it was also creating a rising wedge formation with decreasing buy volume and overall average volume, which resulted in the most recent fall in prices of 27%.
Now this is the important area, now knowing all of the past key levels pointed out earlier in this post, you can clearly see that the pullback in prices came all the way down to the key support area of $47000 but more precisely to $47500 which was also where the Daily 100MA sat. We saw a much bigger buy volume candle than the 2 sell side candles before hand indicating that the buyers were back in some form of control and managed to push prices back up again.
However, we cant help but notice the lack of volume coming back into the market albeit though you can see there are more buy volume bars than sells and the average volume has also increased slightly. Careful attention will need to be taken as price moves towards the very top confluence zone. If sellers start to take back control in the top zone then unfortunately we will have to wait longer for a new all time high. On the other more positive hand, if sell side volume fails to come back into the market within the top zone and buyers stay in control we can expect a small period of consolidation where past resistance turn support in the short term to allow more liquidity to come into the market for the push necessary to break he very top price.
As always if you enjoy the content don't forget to click the like button and make a comment on your opinion.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
