ANALYSIS BITCOIN AS SPECIAL TRADES 20/06/2024
Chart Overview
Volume Profile:
Visible range volume profile is displayed on the left side of the chart.
High trading volume zones are marked by longer horizontal bars.
VWAP (Volume Weighted Average Price):
Weekly VWAP levels are shown, currently at 66,061 and 64,843.
Trendlines and Channels:
An upward trendline seems to be in place from the lower left to the upper right.
A descending channel is indicated, with Bitcoin currently trading within this channel.
Support and Resistance Levels:
Key resistance levels are marked around 66,370 and 70,000.
Important support levels are around 60,129 and a potential lower target at 56,272 based on the Fibonacci extension (1.618 level).
Recent Price Movement:
Bitcoin is currently at 65,151, recently bouncing off the lower boundary of the descending channel.
Short-term resistance is at 66,370, with a potential break higher to 70,000 if momentum continues.
Analysis and Projections
Bearish Scenario:
If Bitcoin fails to break the descending channel and the resistance at 66,370, it could continue to decline.
The next major support levels to watch are 60,129 and 56,272.
A break below 60,129 could indicate a bearish continuation.
Bullish Scenario:
If Bitcoin breaks above 66,370 and sustains the momentum, it could aim for the 70,000 resistance level.
Sustained trading above 70,000 could indicate a trend reversal to the upside.
Volume and VWAP:
Pay attention to the volume. A breakout with high volume above resistance levels would be more significant.
VWAP levels (66,061 and 64,843) are key for understanding the average trading price and potential support/resistance.
Summary
Critical Levels: 66,370 (resistance), 60,129 (support), 56,272 (Fibonacci extension).
Trend: Currently in a descending channel; break above 66,370 needed for a bullish signal.
Strategy: Watch for volume and price action at the key levels mentioned for potential entry and exit points.
Volume Profile:
Visible range volume profile is displayed on the left side of the chart.
High trading volume zones are marked by longer horizontal bars.
VWAP (Volume Weighted Average Price):
Weekly VWAP levels are shown, currently at 66,061 and 64,843.
Trendlines and Channels:
An upward trendline seems to be in place from the lower left to the upper right.
A descending channel is indicated, with Bitcoin currently trading within this channel.
Support and Resistance Levels:
Key resistance levels are marked around 66,370 and 70,000.
Important support levels are around 60,129 and a potential lower target at 56,272 based on the Fibonacci extension (1.618 level).
Recent Price Movement:
Bitcoin is currently at 65,151, recently bouncing off the lower boundary of the descending channel.
Short-term resistance is at 66,370, with a potential break higher to 70,000 if momentum continues.
Analysis and Projections
Bearish Scenario:
If Bitcoin fails to break the descending channel and the resistance at 66,370, it could continue to decline.
The next major support levels to watch are 60,129 and 56,272.
A break below 60,129 could indicate a bearish continuation.
Bullish Scenario:
If Bitcoin breaks above 66,370 and sustains the momentum, it could aim for the 70,000 resistance level.
Sustained trading above 70,000 could indicate a trend reversal to the upside.
Volume and VWAP:
Pay attention to the volume. A breakout with high volume above resistance levels would be more significant.
VWAP levels (66,061 and 64,843) are key for understanding the average trading price and potential support/resistance.
Summary
Critical Levels: 66,370 (resistance), 60,129 (support), 56,272 (Fibonacci extension).
Trend: Currently in a descending channel; break above 66,370 needed for a bullish signal.
Strategy: Watch for volume and price action at the key levels mentioned for potential entry and exit points.
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.
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.