Bitcoin saw just over a 20% rally in price on Saturday (10/26) with massive conviction. Only to finish the day +6.83%, giving up +13.17%. This concluded as a massive sign of weakness, while alluring bulls to load in. Since then Bitcoin has been logged between $9600 and $9100.
We fear the correction may not be over, and further downside a possibility. According to the Volume Profile indicator, we see a high level of volume at $7,950, which also is the volume Point of Control. Many investors and traders may be watching this level.
If we don’t go lower however, we could see a pop up to $10,200 before seeing a decision to go higher or return lower is decided.
THE PLAY: We are neutral this week due to price coming off the rally and stalling.
We fear the correction may not be over, and further downside a possibility. According to the Volume Profile indicator, we see a high level of volume at $7,950, which also is the volume Point of Control. Many investors and traders may be watching this level.
If we don’t go lower however, we could see a pop up to $10,200 before seeing a decision to go higher or return lower is decided.
THE PLAY: We are neutral this week due to price coming off the rally and stalling.