Under lower volume conditions and a slight upswing in BTC Prices vs the USD in the past 24 hours, it is possible V R C has reached a settled price range of 6k-6200. I would expect, that under these conditions that market makers will try to break the green bottom trend line with a push to weekly S1 5400-5500 area. A break out is still of course possible, however with every wic down below this green trend line, to me that shows a significant lack of buy support as price hovers between weekly pivot and S1.
The yellow channel is a potential forming down trend. If the USD Value of BTC continues to rise with strength, I would anticipate this downward channel becoming dominant.
This all being said, there is still a rather strong force in the market now as seen by the higher weekly Pivot's.
Within the Indicator window I have underlined in black potential consolidation, however volume doesn't seem to be there. Lack of sellers, or buyers which ever is the case.
RSI Levels: (As per trading view data)
1H: 46.01
2H: 43.12
3H: 40.99
4H: 39.79
6H: 45.79
12H: 40.73
1D: 54.49
3D:67.00
1W: 60.42
1M: 50.77
As always trade at your own risk. I'm no pro, nor am I a market maker. This is simply me sharing my thoughts with interested parties.
(I had to repost this as I forgot some data, sorry if that was confusing)
The yellow channel is a potential forming down trend. If the USD Value of BTC continues to rise with strength, I would anticipate this downward channel becoming dominant.
This all being said, there is still a rather strong force in the market now as seen by the higher weekly Pivot's.
Within the Indicator window I have underlined in black potential consolidation, however volume doesn't seem to be there. Lack of sellers, or buyers which ever is the case.
RSI Levels: (As per trading view data)
1H: 46.01
2H: 43.12
3H: 40.99
4H: 39.79
6H: 45.79
12H: 40.73
1D: 54.49
3D:67.00
1W: 60.42
1M: 50.77
As always trade at your own risk. I'm no pro, nor am I a market maker. This is simply me sharing my thoughts with interested parties.
(I had to repost this as I forgot some data, sorry if that was confusing)