BTCUSD Perpetual ContractUpdated Bitcoin Finds Resistance at a High-Volume Node
The visible range shows the quantity of orders at each price level. Naturally, the price will find more resistance at levels with more orders (high volume nodes), and less at levels with few orders (low volume nodes). After we broke out of the recent descending channel we reached a high of approx. $46,500. The box I have drawn marks out the current trading range, and any break above or below this is tradable. I am watching the upper bounds of this box for a long position after a confirmed breakout, and the lower bounds of the box for a short position after a confirmed breakdown.
Note
The price has now broken below key support, activating the short position
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.