Hi, friends. After yesterday falling, BTC is in mini-consolidation just above the level 9400. Look at the huge vertical volume. Cluster volumes indicates that it was the fixation of the positions (closing). http://take.ms/XBEpt And fundamental news confirmed this. In summary, what to expect now? Bearish momentum is still in play. If the price breaks down 9400 we will see a fall wave to 9000 or even to 8350. You can try to buy BTC intraday with a short target after break out 10100 (when a mini balance breaks out). For continue growth (mid-term) the price should break out @poc of February 10690-10700.
Glossary of terms
Point of Control (P O C) – The price level for the time period with the highest traded volume .
Value Area (V A) – The range of price levels in which a specified percentage of all volume 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.
Fixing (fix, culmination) - reverse price reaction then the markets stops i'ts movement for a short time. The trend stops when it passes through 2-3 fixing movement.
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The price reached level 8350 as we are expected. If this level will be break down, it would a bad sign for BTC, and possible fall wave to 7730 or even 6500.
For mid-term trend the price must return back into the balance (close and holds 9400). Intraday charts shows a first bull signs.