MΞRCΞK
MΞRCΞK 2 minutes reading from Bitcoin

Bitcoin Price Update: $BTC Approaching Support

My analysis before the FOMC meeting: BTC retested and bounced from local support zone. The price rejected VAH, i think the price will retest retest it today. The good sign is that the price closes below local support, but the price reclaimed this level pretty fast. Bitcoin BTC

Today, im not expecting crazy volatility, but i think tomorrow, we will see some kind of volatility (FOMC meeting, i will post later fundamental analysis + Wyckoff distribution pattern). From technical point of view, there is no major changes in BTC chart.

The good sign here is that the price is forming higher lows, which is bullish structure. It is possible to retest lower levels, especially if FED announced 0.75+ hike (market is expecting 0.75, which means 0.5=>bullish, 0.75=>neutral, 1=>bearish).

Volume profile is looking good. There is one volume gap, which is sitting between 20300-2050; POC changed a bit, and now it is sitting at 20750.

The plan for today: Im still holding my long position, and i will look to accumulate more longs (i want to build swing position) if the price goes lower. If you are looking to day trade- you can watch for price action at POC (20750).

If the price breaks it out+retest as support=>long; If the price closes below it and rejects it=>short; Another good level to watch for price action is local support zone. If the price retests it again and bounces=>long; If the price closes below it and rejects it=>short;

This post is based on this twitter thread.

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