Will Bitcoin go locally to $23,000 and above, or will it still go to the POC line at $20,500? Let's
BTC has risen near a strong level and cannot go higher. In all likelihood, we see a set of liquidity for going south. Will bitcoin go to adjust the structure that it has been forming since July 3?
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On the hourly chart, we see the formation of two almost identical five-waves with a truncated fifth wave. In both cases, the fifth wave was stopped by some strong level. For the first time, it was the VPVR POC control line that was at the same level. For the second time, this is the $21700 level.
Now, logically, it is worth assuming that the price will go to test the VPVR POC control line.
But until bitcoin overcame $ 21200 in the downward direction, do not wait for the withdrawal to the line of control. At this point, a volume was formed on July 7, about which the price bounced up on July 8.
The probability of a decline is also indicated by the MACD indicator at four o'clock.
See what the histogram draws a bearish diver at extremes with a price chart.
The attenuation of the pulse is visible on the histogram. This reflects the weakness of the bulls.
The signal line and the moving average intersect from top to bottom. This also indicates the greatest probability of a fall.
The funding is positive. This means that longists use excessive leverage and pay a premium to shortists every 8 hours to hold their positions and balance the margin market.
Historically positive funding indicates an imminent local decline in the asset price.
Longs for ratio45%. This means that there is an accumulation of liquidity at prices higher than current ones. I admit the probability that if there is a fall to the control line of the VPVR POC, then the longs on the ratio will be around 38%, this will mean that the fall will be inside a bullish structure with an upward potential.
Disclaimer: not financial advice.
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