Exciting news from the world of Bitcoin! It's the third consecutive day that Bitcoin ($BTC ) is making a determined effort to break through the 0.618 Fibonacci level. The resistance appears to be gradually weakening, and this persistent push is a positive sign.
Furthermore, it's essential to highlight that Bitcoin has successfully broken above all the Weekly Naked Points of Control (nPOC) located between $26,000 and $26,750. This achievement underscores the presence of strong support in this critical price range.
Additionally, we're keeping a close eye on the eagerly anticipated CME gap, while Bitcoin is trading at $26,300. This gap has the potential to add an extra layer of excitement to Bitcoin's price action.
Wishing everyone an exciting day filled with successful trading and investment!
But there’s no need to panic as there’s a SELL LIMIT of 50 MM per week and most of the Solana is even locked till around 2025.
Some people who don’t fully understand what this means would sell but I guess weak hands are meant to shaken off for the bull run that I believe is still in sight in 2024.
Injective Protocol ($INJ ) has recently shown a promising reaction as it bounced off a lower daily level. This positive response indicates that there may be significant buying interest or support at this specific price point.
Additionally, there has been an interesting shift in the Value Area High (VAH), a measure often used by traders to identify important price levels. The VAH has moved to a new position, and it is now acting as a support level for the price of $INJ .
These developments collectively suggest a potential change in market sentiment and an increased level of support for $INJ within this particular trading range.
The recent performance of Bitcoin ($BTC ) has been remarkable since our last update. The bulls are demonstrating resilience and progress, although there are still challenges to overcome, particularly the Weekly Naked Point of Control (nPOC).
The daily close above the Value Area Low (VAL) is a promising sign of market strength.
As we continue on this journey, it's captivating to witness how these developments will shape the future. If you have any more updates or questions, please feel free to share them in the comments.
Wishing everyone an outstanding day filled with successful trading and investment!
It's certainly encouraging to witness the favorable price movement occurring near the lower boundary of the smaller trading range. Now, the focus for the bulls appears to be overcoming the Weekly Naked Point of Control (nPOC), which continues to act as a resistance level. This challenge will likely be a key factor in determining the next directional move for Bitcoin ($BTC ). Keep a close eye on these developments and how they shape the market sentiment in the coming days.
Furthermore, this favorable price reaction was accompanied by a notable increase in trading volume, which often indicates strong market participation and conviction among traders.
Wishing everyone a fantastic day and successful trading and investment ahead!
After the notable rejection from the 0.618 Fibonacci level, Bitcoin ($BTC ) is currently finding support above the larger range's Value Area Low (VAL).
Despite the intriguing developments we observed earlier, there hasn't been significant change on the chart in recent days.
This situation suggests that the market is still navigating within the broader consolidation phase, and traders should continue to monitor price action closely for any potential shifts or breakouts.