Bitcoin is testing again a strong resistance. We can see it from the Volume profile, that presents its biggest bar at a height corresponding to the current level. Volume profile represents how much time the price spent at that current level.
Watching further, we can see that the current level crosses the descending MA50, while slightly above we have the Ichimoku Clouds.
Volume Profile and Kumo are similar signals and they differ just for the considered time span, customizable for both.
s-RSI is slightly in overbought, and volumes are not consistently increasing as it would be in a bull-run.
I expect Bitcoin to test for some hours the level 8600-8700$. In my opinion the Control Point for Long orders would be at 8750$, avoiding minor spikes. Volumes are not increasing, so I think that resistance will not be broken until volumes grows significantly.
This is a highly dangerous zone, since low volumes may also lead to a bull-trap, with whales waiting stop loss orders (long orders) to engage new volumes and start the Massive Sell.
Take care
Watching further, we can see that the current level crosses the descending MA50, while slightly above we have the Ichimoku Clouds.
Volume Profile and Kumo are similar signals and they differ just for the considered time span, customizable for both.
s-RSI is slightly in overbought, and volumes are not consistently increasing as it would be in a bull-run.
I expect Bitcoin to test for some hours the level 8600-8700$. In my opinion the Control Point for Long orders would be at 8750$, avoiding minor spikes. Volumes are not increasing, so I think that resistance will not be broken until volumes grows significantly.
This is a highly dangerous zone, since low volumes may also lead to a bull-trap, with whales waiting stop loss orders (long orders) to engage new volumes and start the Massive Sell.
Take care
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The price has reached the previous maximum and now may start the test of it. It is a strong resistance and it may take days to pass it and all depends on the volumes that may enter the market.
I do not exclude a bull trap with a following descending bar, so some whales can take home their USD profit. Resistance may be in 8700$ area, above the Ichimku and Major Volume Bar
I do not exclude a bull trap with a following descending bar, so some whales can take home their USD profit. Resistance may be in 8700$ area, above the Ichimku and Major Volume Bar
