Hello everybody, the price of Bitcoin consolidated in the zone ($54000 - $55000) during the weekend. Then the price broke above $55000 level and encountered resistance around point of control. Currently, we may notice a slight pullback caused mainly by traders exiting from long positions.

Level to watch:

• Weekly support level at $52000
• Weekly resistance level at $65500
• Point of control (from 250 bars) at $57500 (resistance)
• Point of control from the previous day at $54200 (support)

Open Interest

In the short-term w see that Open Interest is stable and price decreasing slightly. For me, it means that traders are getting out of long positions, but all the time you can see new long positions coming in. Overall volume is increasing same as Price and Open Interest. This indicates that price will continue to rise.

Initial Balance

High Volume in the first hour of the session indicates a rangebound session. High range in the first hour of the session also means a rangebound session. Daily open is near IB Low and participants drove the price up on open which indicates a higher probability of an up-trending session.

Overall, in the short term, we should consolidate around $57500 level(POC). If we maintain this level, we should surpass the psychological level of $60000 in the next few days. Otherwise, I expect price to back to the weekend range ($54000-$55000). Long-term we are still bullish as long as we are above the weekly level at $52200.

Links below are affiliate links and I earn small commission at no extra cost to you. I only recomend products I truly believe in.

⇢ Join Best Crypto Exchange

FTX ➜ Cryptocurrency Derivatives Exchange, built by traders, for traders. Buy and sell BTC, ETH, SOL tokens and futures with up to 20x leverage. If you follow this link to sign up for the exchange, you will get a 5% fee discount on all your trades. ➜ LINK

You can find me also here

Twitter ➜ LINK

Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.

Hope you found today’s article helpful. Have a nice day :)