BTC volume profile support
BTC passing through areas of weak support at the moment.
Although they may seem like good times to buy I would advise to move with caution.
Looking at the volume profile you can see that BTC has broken below the area of support it had around 47k.
The next areas would be 37k and 34k. If it falls beneath 34k BTC is gonna be in a bad way. Maybe 30k will hold, but if not 18k is rock bottom.
IMO we'll go to 34k and get some bounce.
It feels like a gap formed Feb 8 when it was announced Tesla bought BTC and now that gap is getting ready to close.
I'm still confident that BTC is gonna form this butterfly pattern. What day it reaches the final level though is up in the air.
Although they may seem like good times to buy I would advise to move with caution.
Looking at the volume profile you can see that BTC has broken below the area of support it had around 47k.
The next areas would be 37k and 34k. If it falls beneath 34k BTC is gonna be in a bad way. Maybe 30k will hold, but if not 18k is rock bottom.
IMO we'll go to 34k and get some bounce.
It feels like a gap formed Feb 8 when it was announced Tesla bought BTC and now that gap is getting ready to close.
I'm still confident that BTC is gonna form this butterfly pattern. What day it reaches the final level though is up in the air.
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