2024-06-24 Bitcoin overview[volume,trend line]
Based on the significantly reduced trading volume of Bitcoin currently, it seems more likely that it is forming a large sideways range rather than being in a downtrend.
In order to set a direction and reverse the trend, a zone where volume surges must be formed. Therefore, it is not yet in a position to show the kind of rise that would break through the high points that many people are waiting for.
Even though it reached 63.4k, there was no significant volume, so we can only expect a lower position than that. From the perspective of a sideways range, I don't think it will go down to 56.5k, and I predict that the range of 61.7k to 62.4k is the bottom of the current range.
This area is a strong resistance zone where previous tails gathered, and it is typically a zone that slightly breaks the 0.382 Fibonacci retracement level just before a rebound trend.
If volume suddenly spikes in this zone, I will maintain this perspective, with a target zone where it can sweep away all the liquidity of the range and fall to 75k-76k.
While future developments need to be observed, the formation of a long-term range implies that the upward momentum has weakened rather than there being another large upward wave. Therefore, my main view is that there will be a rise to remove liquidity and then a return to a true downtrend.
In order to set a direction and reverse the trend, a zone where volume surges must be formed. Therefore, it is not yet in a position to show the kind of rise that would break through the high points that many people are waiting for.
Even though it reached 63.4k, there was no significant volume, so we can only expect a lower position than that. From the perspective of a sideways range, I don't think it will go down to 56.5k, and I predict that the range of 61.7k to 62.4k is the bottom of the current range.
This area is a strong resistance zone where previous tails gathered, and it is typically a zone that slightly breaks the 0.382 Fibonacci retracement level just before a rebound trend.
If volume suddenly spikes in this zone, I will maintain this perspective, with a target zone where it can sweep away all the liquidity of the range and fall to 75k-76k.
While future developments need to be observed, the formation of a long-term range implies that the upward momentum has weakened rather than there being another large upward wave. Therefore, my main view is that there will be a rise to remove liquidity and then a return to a true downtrend.
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