Bitcoin Reversal with Highest Volume of 2023?
Updated
I Want to point out a few things about the last bitcoin's possible reversal point:
1- We had the highest volume on daily candle since 2023 with a bullish pin bar
2- The price rejection is from the previous cycle ATH around 19700$ which makes it an important level (Maybe the strongest support till 16000$) and also near the bottom of the ichimoku cloud
Now, IF we consider this as a reversal, there are a lot of things happening here:
1- A huge channel has appeared beginning from 16300$ which I draw as a Fibonacci channel
2- Trading View's Elliot Wave chart pattern shows the targets with its wave projection considering the end of wave (a).
And here are a lot of Resistances on the way (If you needed to read more about Volume Profile here is the link):
1- Around 21500$ is both VAL of the Volume Profile and a technical resistance around the end of the wave (4) as the first target of the wave (b) projection
2- Around 23000$ is both POC of the Volume Profile and around the top of the ichimoku cloud as the last target of the wave (b) projection
3- Also we have a bearish trend line on the way
And don't forget that Today and Tomorrow we will have the least volume and price movement according to the averages (linked the script on the related ideas), so Monday will be the real deal.
1- We had the highest volume on daily candle since 2023 with a bullish pin bar
2- The price rejection is from the previous cycle ATH around 19700$ which makes it an important level (Maybe the strongest support till 16000$) and also near the bottom of the ichimoku cloud
Now, IF we consider this as a reversal, there are a lot of things happening here:
1- A huge channel has appeared beginning from 16300$ which I draw as a Fibonacci channel
2- Trading View's Elliot Wave chart pattern shows the targets with its wave projection considering the end of wave (a).
And here are a lot of Resistances on the way (If you needed to read more about Volume Profile here is the link):
1- Around 21500$ is both VAL of the Volume Profile and a technical resistance around the end of the wave (4) as the first target of the wave (b) projection
2- Around 23000$ is both POC of the Volume Profile and around the top of the ichimoku cloud as the last target of the wave (b) projection
3- Also we have a bearish trend line on the way
And don't forget that Today and Tomorrow we will have the least volume and price movement according to the averages (linked the script on the related ideas), so Monday will be the real deal.
Trade active
Let's see long it goes...Trade closed: target reached
nfa & dyor
Invest Smart!
Invest Smart!
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