Hello everyone! This is the trader-analyst from CryptoRobotics with your daily market analysis.
Yesterday, Bitcoin finally moved into a correction after forming resistance at $121,500–$122,300. There was no reaction at the nearest support around $120,000 (push volumes). Only at $119,000 did buyers attempt to step in — the delta suddenly turned positive — but for now, all buying attempts are being absorbed.
The scenario is currently highly mixed: on the one hand, wave analysis shows we are still in a strong bullish trend; on the other, volume spiked sharply at the top and is being positioned for shorts, while there was also no clear defense at support.
At this stage, we expect further correction either from current levels or after a retest of ~$120,000 (mirror zone). After that, we will watch for the buyer’s reaction at the lower support zone. This scenario will be invalidated if $120,000 is broken without any defense from sellers.
Buy Zones:
$117,500–$116,000 (accumulated volumes)
$115,300–$114,000 (accumulated volumes)
Sell Zones:
~$120,000 (mirror zone)
$121,500–$122,300 (volume zone)
This publication is not financial advice.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.