Where is BTC going?

8 Şub 2022

Let's take a look at Bitcoin from a broader perspective. Today we retested the Virgin VPOC from January 5th. The bearish sentiment has been overcome and we have a fully confirmed change to Bullish (green background of the sentiment indicator + blue bars - I explained the indicator in one of the separate entries that I add to Related Ideas). After breaking 46105, we will have an open road to retest the next Virgin VPOC at 48035 on December 31st. Both the psychological barrier and the key level from the perspective of Option Traders is the 50k level (at the time of writing the analysis). This is a strong resistance, and a tough/fierce battle between Bulls and Bears can take place there.

In general, BTC presents itself in the long term Bullish from the perspective of Virgin VPOCs which the market will seek to retest. However, two things worry me:

• 50k level as resistance and psychological barrier
  
• two Virgin VPOCs that are located below the current price (at the time of writing the analysis) at 36560 and 36065 - although they are quite "young" Virgin VPOC and it is worth having them at the back of your head, but not necessarily fixing on them
  

It will be useful to use on an ongoing basis when assessing the BTC market with VSA Scanner (described in Related Ideas) which will show where we have the current Demand and Supply in real time on BTC. Analyzes of Intraday BTC and other instruments are also available to those who know where look for them ;) Good luck on the markets - especially in these uncertain times!