What do we have now?
After first fixing (point 1) the price shows reaction. A correction wave after first fixing often indicates a possible new balance level .
After some time we saw a new large vertical volumes (point 2) and then the price came to the point where we are now.
In summary, BTCUSD is in the wide consolidation (balance) with the range 6000-9500 (balance 1, high probability) or 6000-8650 (balance 2, low probability).
A new mid-term (or even long-term) uptrend will begin if this balance breaks up.
Witin the balance we must work from its levels.
On the chart I selected 2 zones that we can use: (9100-9500) and (6000-6450). So, we need to be patient now and wait when the price will reach those zones.
You can trade only intraday and short targets only.
Glossary of terms
- Point of Control (P O C) – The price level for the time period with the highest traded .
- Value Area (V A) – The range of price levels in which a specified percentage of all was traded during the time period. Typically, this percentage is set to 70% however it is up to the trader’s discretion.
- Balance - Accumulation Area.
- F L - flat level.
- T L - trend level.
You can trade intraday and short targets only.
With a high probability, BTC will show the falling move in the next few days