ANALYSIS BITCOIN AS SPECIAL TRADES 20/06/2024

Chart Overview
Volume Profile:

Visible range volume profile is displayed on the left side of the chart.
High trading volume zones are marked by longer horizontal bars.
VWAP (Volume Weighted Average Price):

Weekly VWAP levels are shown, currently at 66,061 and 64,843.
Trendlines and Channels:

An upward trendline seems to be in place from the lower left to the upper right.
A descending channel is indicated, with Bitcoin currently trading within this channel.
Support and Resistance Levels:

Key resistance levels are marked around 66,370 and 70,000.
Important support levels are around 60,129 and a potential lower target at 56,272 based on the Fibonacci extension (1.618 level).
Recent Price Movement:

Bitcoin is currently at 65,151, recently bouncing off the lower boundary of the descending channel.
Short-term resistance is at 66,370, with a potential break higher to 70,000 if momentum continues.
Analysis and Projections
Bearish Scenario:

If Bitcoin fails to break the descending channel and the resistance at 66,370, it could continue to decline.
The next major support levels to watch are 60,129 and 56,272.
A break below 60,129 could indicate a bearish continuation.
Bullish Scenario:

If Bitcoin breaks above 66,370 and sustains the momentum, it could aim for the 70,000 resistance level.
Sustained trading above 70,000 could indicate a trend reversal to the upside.
Volume and VWAP:

Pay attention to the volume. A breakout with high volume above resistance levels would be more significant.
VWAP levels (66,061 and 64,843) are key for understanding the average trading price and potential support/resistance.
Summary
Critical Levels: 66,370 (resistance), 60,129 (support), 56,272 (Fibonacci extension).
Trend: Currently in a descending channel; break above 66,370 needed for a bullish signal.
Strategy: Watch for volume and price action at the key levels mentioned for potential entry and exit points.