Of course it isnt... Still long term bullish #HODLsquad.
But bulls failed to break heavy resistance line yesterday at $11,700.
So I'm looking at volume profiles to find critical support.
The market profile #1 Point of Control (POC) at $11050 has broken on the 4 hour. Will confirm bearish if it closes below on the daily. On the 4 hour, RSI is not oversold, but has broken the bottom Bollinger Bands. We can only hope RSI pushes us oversold quickly so bulls can be triggered to BTFD and push us up back to the 11k territory, keeping us closed daily above $11050 (Market profile #1's POC).
If not, a HVN sits at $10,600 that might can save us, and bounce us back to $11050 territory (I'm cynical it will). If we break $10600 on the way down, expect a continuation to a LVN at $9k.
Note that Market Profile #1 is Developing a POC at $8150, which is also the POC for Market Profile #2, indicting $8150 is a major support area.
Diminishing volume doesn't help us.
Put buy orders at $8150 just in case.
Still long term bullish, but the fact bulls were rejected at major resistance developed since DEC doesn't give great sentiment in short term. Let's not forget $11.7k is a big Fibonacci level too.
But bulls failed to break heavy resistance line yesterday at $11,700.
So I'm looking at volume profiles to find critical support.
The market profile #1 Point of Control (POC) at $11050 has broken on the 4 hour. Will confirm bearish if it closes below on the daily. On the 4 hour, RSI is not oversold, but has broken the bottom Bollinger Bands. We can only hope RSI pushes us oversold quickly so bulls can be triggered to BTFD and push us up back to the 11k territory, keeping us closed daily above $11050 (Market profile #1's POC).
If not, a HVN sits at $10,600 that might can save us, and bounce us back to $11050 territory (I'm cynical it will). If we break $10600 on the way down, expect a continuation to a LVN at $9k.
Note that Market Profile #1 is Developing a POC at $8150, which is also the POC for Market Profile #2, indicting $8150 is a major support area.
Diminishing volume doesn't help us.
Put buy orders at $8150 just in case.
Still long term bullish, but the fact bulls were rejected at major resistance developed since DEC doesn't give great sentiment in short term. Let's not forget $11.7k is a big Fibonacci level too.
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Just as predicted: high value node at $10,680 held for a little while, before the levies broke. Expect a good hold up at the low volume node at $9k