BTC/USD - yesterday's HI-LOW trade.
Longitude from the closing level of the day. Purpose of opening the day and update HI.
This is so called yesterday's HI-LOW trade.
Now the price is in the middle of the whole monthly rang. $8850 level of peak volumes. As a rule, this is the level from which the impulse starts and the exit from the rang (it is not necessary that the impulse starts now!!!). A new local of $9620-9740 has been formed from above. There is a high probability that before the impulse the price will return to this zone, and the reaction of the price at this level will probably show in which direction the exit from the whole rang will take place. Again, I would like to repeat that this is only a probability, as we are now at the peak volumes of the entire range. If $10000 was the limit of the whole growth, then there is a chance to go straight down from the current one. The main support now is the support of the whole Range=area $8080-8250. If this zone is broken down, the target to exit from the whole range will be the area of $6200-6500, i.e. longs above $6200 will bear great risks. The range is forming a whole month. Big ranges create strong trends, on the way of which it is better not to get caught and not to trade against this trend. As long as we are above the main support, and even more so above the Orange zone, there is potential for growth. If you think that $10k was the growth limit to rush to shorts in the middle of the rally, there is no need to rush to shorts (the most aggressive point for shorts is Local Resistance).
Push ❤️ if you think this is a useful idea!
Before to trade my ideas make your own analysis.
Thanks for your support!