July 20, 2024

TradingView Blog | Current BTC Situation

TradingView Blog | Current BTC Situation

Hello everyone, friends! After yesterday's growthbtc usdIt’s worth making another update to the situation.

About whatlast time you talked?

Despite the fact that the last 11 days the situationwas quite difficult and uncertain, in recent days I gave priority to getting to the top. In all the latest updates on BTC, we discussed with you why it’s up (those who haven’t read it and missed it can read it). I wrote about careful purchases at both 9000 and ~9250. Yesterday, I recommended covering at least part of the nearest resistance (9420-9500), since there was still a risk that the move upward could be the usual demolition of the stops of short traders, who felt quite calm and had not been subjected to pressure for a long time. Expecting such a situation, it was necessary to partially fixate.

What did you see today?

Today Bitcoin reached its first targetslongs, which could contribute to the closing of short traders in footsteps - as I wrote above. This is confirmed by the volume that was observed during the breakdown of resistance. After which, there was a sharp decline downwards - even below the levels from which yesterday’s upward surge began. This movement would seem to confirm the idea that the extra short-term passengers could be taken out before a more serious move down (towards 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 the volume profile values ​​for this period, then our range is 9050-9450.

✔️ it has long been clear that in the area of ​​9000-9100a serious position is accumulating and the POC according to the volume profile, starting from October 25, falls exactly at these levels. It is possible to assume with a greater degree of probability that it is the long that is accumulating here, since there were enough people willing to sell at these levels in order to buy cheaper + the formation of a certain cup (rounding) is drawn with the beginning of drawing 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, longs are stillnothing is in danger. The picture is not the worst, because despite yesterday’s not the most pleasant candle and a quick sharp decline, 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 timeframes, they will not bring clarity to short-term traders, but for medium-term traders it will be interesting to interact with moving averages.

On the weekly TF, the resistance is MA20 (currently ~9800), if it fixes above it, it will be possible to look for a long position/add to a long position.

On the daily time frame, 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 they say: “The spring is compressed.”

On the chart.