Hello everyone, bitcoin closed bullish and the Weekly candle is also somewhat bullish. The daily candle also remained bullish. There was a strong move just before the market closing, but we still need to wait to get at least one more bullish daily candle to confirm the bullish bias.
The price is currently maintained at the $65600 level which is our support level
The levels to watch
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Daily support level $63.000
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Daily resistance level $65.700
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Point of control (from 250 bars) $61.200 (support)
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Point of control from previous day $64.700 (support)
Open interest is increasing the same as price but the volume is decreasing, which indicates that the current uptrend is weakening.
Yesterday CVD made a higher low but the price was not followed which means that aggressive participants attempted to move the market, but the price has been absorbed by limit orders. That's why the price raised up significantly to the $66.000 level. Right now we can see that price is slightly trending upwards but CVD is not following the move strongly enough, which shows that there is a lack of aggressive participants and this can be a sign of trend exhaustion.
It's quite likely that bitcoin will probably come up and retest the previous all-time high resistance once again, but to do that we need more participants to move the price. Otherwise, the price will consolidate between $63.300 - $66.200 levels. In a bearish scenario, the price will break the daily support level ($63.000) and after that, we should see a bounce back at the $61.200 level (POC).
