Bitcoin Bottom? Weekly Volume Profiles
Bitcoin / US Dollar Perpetual Inverse Swap Contract BITMEX:XBTUSD
Looking at the weekly volume profiles, Last week bitcoin failed to shift value lower for the first time in 4 weeks
It did reject the 7100 area and filled in the gap on the weekly profile from the 9th April
I’m looking for bitcoin to hold the retest of 7500 (last weeks POC ) and move price above 7600ish (Last weeks Value Area High + and key level from 9th April)
If we can accept higher price and build value above 7600 then 7900 + 8200 are in play
If we drop below 7500, i would expect last weeks Value Area Low to be tested @ 7284
Tight stops required, if your more risk averse there will be opportunities above 7600