Bitcoin Market Analysis - March 21 (Full Article in My Profile)
Bitcoin is currently experiencing a decline, reaching one of its most critical operating zones. In this analysis, we'll explore key zones, recent price movements, and vital indicators for informed trading decisions.
Bitcoin's Current Status
After a bearish movement, Bitcoin found support above the 61.9% level, crucial due to a volume node present. This level is now a pivotal zone for traders.
Recent Price Movements and Structural Changes
Bitcoin developed an operational structure, which has recently broken as the price lost support. However, buying pressure emerged around the weekly VWAP zone and the old resistance of the structure.
Potential Bullish Continuation
If the operational structure breaks resistance and consolidates the re-entry, an opportunity to value purchases in a bullish continuation movement could arise. The next target for both re-entry and bullish continuation is the volume node around 72,100 to 52,100.
Liquidity and Trading Tools Review
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Trading Dynamics and Liquidity
High Frequency Bots: Active during the bearish movement.
Bearish Trend Level: Currently at -3.
Liquidity Levels
Longs:Mainly at 60.68 to 70,750.Significant zones around 69,160.Shorts:Mainly at 64,500.Liquidity at 64,372 and 64,500.
Bookmap Analysis
Purchasing Volume: Significant at 65,100, 64,500, and 64,200.
Multibook: Purchase orders at 60,000, 59,000, 58,000, and 57,000.
Conclusion
Understanding these market dynamics is crucial for traders. Monitor the support and resistance zones closely, with the next significant target being the volume node around 72,100 to 52,100.
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