March 4, 2021

TradingView Blog | Current BTC Situation

TradingView Blog | Current BTC Situation

Greetings to all, friends! After yesterday's growth btc usd It is worth making the next update of the situation.

About what talked last time?

Despite the fact that the last 11 days the situationwas quite complex and uncertain, in recent days I have given priority to going upstairs. In all the latest updates on BTC, we discussed with you why it was upstairs (whoever hasn’t read and missed can be read). I wrote about accurate purchases both at 9000 and at ~ 9250. Yesterday, I recommended at least part of the cover at the nearest resistance (9420-9500), because there was a risk that taking up could be the usual demolition of the stops of short traders who felt quite calm and had not been under pressure for a long time. Expecting such a situation, it was necessary to partially fix it.

What did you see today?

Today, bitcoin has reached its first goals inlongs, which could contribute to the closure of short traders in the footsteps - as I wrote above. This is confirmed by the volume that was observed during the breakdown of resistance. After that, there was a sharp fall down - even lower than the levels from which yesterday's breakthrough began. This movement, it would seem, confirms the idea that extra short-passengers could be taken out before a more serious hike down (to 8500), but now we see that the buyer is still defending his levels.

On the main chart of this, we can see the following:

✔️ despite yesterday's sharp movements, the medium-term picture indicates that the flat is still ongoing. If we round off the volume profile values ​​for this period, then our range is 9050-9450.

✔️ It has long been clear that in the region of 9000-9100a serious position is accumulating and POC in the volume profile, starting from October 25, falls on these levels. It can be more likely to assume that it is the long that accumulates here, because wanting to sell at these levels in order to buy cheaper was enough + a certain cup formation (rounding) is drawn with the start of drawing the rising highs and lows - this is a good sign.

✔️ at today's fall was a good buyback - the volume was pretty decent, which can not but rejoice; 6h the candle closed slightly above the middle of its range - the bulls fought back.

Accordingly, based on small TFs, the longs are stillnothing threatens. The picture is not the worst, because despite yesterday's not the most pleasant candle and a quick sharp descent, someone is still holding bitcoin.

In any case, closing part of the position yesterdayin the resistance zone - this is the right decision, because we could not assume what would happen next. And to make sure of further long-term intentions, we must gain a foothold above 9450.
TradingView Blog | Current BTC Situation

As for the weekly and daily TF, they will not bring clarity to the short-term, but interaction with the moving ones will be interesting for the medium-term.

On the weekly TF, the resistance is MA20 (now ~ 9800), when fixed above which it will be possible to look for long / add to long.

On a daily TF, the price is surprisingly sandwiched between MA200 (9120) and MA100 (9580), which indicates a strong movement in the near future. The range is narrowed to the limit. As the saying goes: "The spring is compressed."

On the chart.