Looking at the BTC weekly chart, price has broken & closed below the key low of 17.6k after the FTX implosion.
The following week was an inside week and there was a throwback to 17.6k but it was not reclaimed. In early trading this week we have broken the prior week low.
We are trading below the 10, 20 and 40 moving averages and although there is a divergence on the RSI I think it counts for very little here 😟
Moving to the left side of the screen if we examine the volume profile shape it looks like a "b".
On the way up there was very little trading activity that happened at the current levels which is indicated by the small horizontal bars.
These bars increase in size between the 10-12k range and we can reasonably expect to find support at these levels.
If the downward trajectory continues the 10,500 level will be....
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If you enjoyed this commentary and would like to receive more insights, reach out to the @krakenfx OTC desk ⤵️This post is based on this twitter thread.