BTC in a Daily Range - Breakdown Likely?
Bitcoin has been stuck in a range for the past 3 months. On the daily chart, it's hovering at the top. The Visible Range Volume Profile (VRVP) indicates a zone of high volume at 63k, suggesting this could be the next significant support level.
Analysis:
- Range: BTC has been trading within a range defined by 63k and 72k for 3 months.
- Top of Range: The current price is near the upper end of the range, hinting at potential resistance.
- VRVP: The VRVP highlights a high-volume zone at 63k, suggesting this level could act as support.
- Breakdown: If the price breaks below the range, 63k would be the first major support level to watch.
Analysis:
- Range: BTC has been trading within a range defined by 63k and 72k for 3 months.
- Top of Range: The current price is near the upper end of the range, hinting at potential resistance.
- VRVP: The VRVP highlights a high-volume zone at 63k, suggesting this level could act as support.
- Breakdown: If the price breaks below the range, 63k would be the first major support level to watch.
Note
As predicted, Bitcoin dipped and found support around the 63k zone we identified earlier. The price briefly revisited 71k before this pullback.
Disclaimer
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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.