MΞRCΞK
MΞRCΞK 1 minutes reading from Bitcoin

Bitcoin Breaks Out a Resistance

Bitcoin managed to broke out a resistance and current price is above POC. From technical point of view, the price is making lower highs, which means this is bear pattern.

BTC btcusd

I will wait for retest on local resistance (marked purple zone) or retesting on POC (it is reacting as support). Current price is close to POC, but it looks like the price already rejected local resistance.

Volume profile is looking good.

There is no volume gap around a current price. There is one small gap between 18550-1860. POC changed, and new POC line is sitting at 19250. The plan for today: As i said, it looks like the price already rejected local resistance.

I will wait for retest on POC, and if the price manages to bounce from POC=>long If the price closes below POC and rejects it=>short Another good level to watch for price action is marked purple zone.

As i mentioned, it is local resistance, and to see a successful break out, we need volume…

This post is based on this twitter thread.

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