BTCUSD intraday view

BTCUSD intraday view

In the previous post about BTC I wrote:

Note point 3. This is a potential SLKB under 7100. Watch for Demand-Bar on faster TF in order to join the Bullish Team in short-term perspective.

Let’s look the chart.

1) After that point №3, market moved some further down in order to penetrate 7k round number.
2) The close above 7k. This is a great chance for bulls to produce any notable rally. But what we got instead?
3) Low volume trading range. What is the Cause for lack trading activity?
4) This supply bar gives you a clear answer. Trading activity increases as price moved down. BTC was overvalued at 7100.
5) Touching support line of the down-ward channel is a risky buying, but in hindsight, it was a good idea. While community felt Panic emotions (Oh, Bitcoin is breaking down the Friday low! OMG)
6) During this up-wave up-steps have increase in volume, while step-downs have decrease in volume (this bullish behavior is clearly seen on faster TFs).

What is next?

7) The very last bar contains a hit of 7200 level. With touching of blue thin trend-line. This is a moment to expect at least a pullback toward broken red zone of weakness. Now it should serve as support.

 

 

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