BitcoinUpdated Bitcoin - Distribution or Re-accumulation?
Hi traders,
I hope all is going well with everyone.
Bitcoin is currently in a trading range (sideways trading) for the past 10 days - trading between $8200 ( supply zone ) and $7050( demand zone ). I can see some major signs of weakness that Bitcoin price is showing.
For example, the major rally from $7200 to $8100 with volume strength but prices failed to make any new highs and bitcoin, therefore, fell to $7400.
For now, it is fair to say that bitcoin will correct to $7700.
Again, we need more volume and price action data to confirm if this is a distribution or re-accumulation.
Best of luck and have a great weekend: )!
- Abdulla
I hope all is going well with everyone.
Bitcoin is currently in a trading range (sideways trading) for the past 10 days - trading between $8200 ( supply zone ) and $7050( demand zone ). I can see some major signs of weakness that Bitcoin price is showing.
For example, the major rally from $7200 to $8100 with volume strength but prices failed to make any new highs and bitcoin, therefore, fell to $7400.
- Current support is at $7450 (marked in green)
For now, it is fair to say that bitcoin will correct to $7700.
Again, we need more volume and price action data to confirm if this is a distribution or re-accumulation.
Best of luck and have a great weekend: )!
- Abdulla
Note
I can see some selling pressure coming in Note
Note
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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.