ANALYSIS BITCOIN 29/06/2024
Bitcoin (BTCUSD) chart, let's go over the key elements visible in the image:
Price Levels: The current price of Bitcoin is around $60,830.
VWAP Levels: The VWAP (Volume Weighted Average Price) for the month is shown with three lines:
66,021 (upper)
69,398 (middle)
62,643 (lower)
Fib Retracement Levels:
The significant Fibonacci retracement levels are marked, with key levels at:
0.236 (62,462)
0.382 (58,504)
0.5 (56,013)
0.618 (53,522)
0.764 (50,058)
1.618 (40,797)
Volume Profile: The volume profile is shown, indicating high trading activity around certain price levels, especially between $60,000 and $70,000.
Trendlines and Projections:
A downward projection suggests possible lower targets.
Potential bullish target projection upwards, aiming towards $83,575 if a reversal occurs.
Moving Averages: Short-term and long-term moving averages are included, suggesting a bearish trend as the current price is below the VWAP.
Analysis:
Current Trend:
The price is below the VWAP, indicating bearish sentiment in the short term.
The downward projection line suggests a potential further drop if the current support levels do not hold.
Support and Resistance:
Support: Around $58,504 (0.382 Fib level) and $56,013 (0.5 Fib level).
Resistance: The VWAP levels at $62,643, $66,021, and $69,398 act as resistance.
Price Projections:
If the price breaks below $58,504, it could drop further to the next support levels at $56,013 or even $53,522.
A bullish reversal above $62,462 could aim for the VWAP levels and possibly higher to $83,575.
Trading Strategy:
Short Positions: Enter if the price breaks below $58,504 with targets at $56,013 and $53,522.
Long Positions: Consider entering above $62,462 with targets at $66,021 and $69,398. Further confirmation is needed for a strong uptrend towards $83,575.
In summary, Bitcoin is currently in a bearish trend with significant resistance levels to overcome. The support levels should be closely monitored for potential drops, while a breakout above the resistance could indicate a reversal.
Price Levels: The current price of Bitcoin is around $60,830.
VWAP Levels: The VWAP (Volume Weighted Average Price) for the month is shown with three lines:
66,021 (upper)
69,398 (middle)
62,643 (lower)
Fib Retracement Levels:
The significant Fibonacci retracement levels are marked, with key levels at:
0.236 (62,462)
0.382 (58,504)
0.5 (56,013)
0.618 (53,522)
0.764 (50,058)
1.618 (40,797)
Volume Profile: The volume profile is shown, indicating high trading activity around certain price levels, especially between $60,000 and $70,000.
Trendlines and Projections:
A downward projection suggests possible lower targets.
Potential bullish target projection upwards, aiming towards $83,575 if a reversal occurs.
Moving Averages: Short-term and long-term moving averages are included, suggesting a bearish trend as the current price is below the VWAP.
Analysis:
Current Trend:
The price is below the VWAP, indicating bearish sentiment in the short term.
The downward projection line suggests a potential further drop if the current support levels do not hold.
Support and Resistance:
Support: Around $58,504 (0.382 Fib level) and $56,013 (0.5 Fib level).
Resistance: The VWAP levels at $62,643, $66,021, and $69,398 act as resistance.
Price Projections:
If the price breaks below $58,504, it could drop further to the next support levels at $56,013 or even $53,522.
A bullish reversal above $62,462 could aim for the VWAP levels and possibly higher to $83,575.
Trading Strategy:
Short Positions: Enter if the price breaks below $58,504 with targets at $56,013 and $53,522.
Long Positions: Consider entering above $62,462 with targets at $66,021 and $69,398. Further confirmation is needed for a strong uptrend towards $83,575.
In summary, Bitcoin is currently in a bearish trend with significant resistance levels to overcome. The support levels should be closely monitored for potential drops, while a breakout above the resistance could indicate a reversal.
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