So, starting off I need to mention that as I am writing this I can clearly see that we are struggling to come above an important weekly level. We still have over 3 days remaining so it is important to keep our eyes on this level @ approx 43k. If the weekly candle manages to close above 43k I think this would be very bullish, the next weekly level is then @ approx 50.8k. Also, we can see at the bottom of the screen, the indicator I use is starting to look bullish with the blue money flow wave curving up as is the yellow VWAP.
Next I will quickly show the Daily Timeframe. These are just some levels to consider. Important daily level we need to break through is @ 44421.5. Also, we have a nice daily support @ approx 41k.
Now going to the more local timeframe, the 12 Hour. We can see price is still trading in a sideways market since the start of January. So technically, until we break out of this sideways market we can't say we are bullish. Important levels to look out for above are the VAH (Value Area High) of the range which also confleunces with a Daily level and also the Fibonacci Golden Pocket, the one we have been rejected from twice already. Then, if we do break above these levels we then have a .382 Fib level to look out for that confluences with an old POC (Point Of Control). There are also many other levels of resistance above these but we will just concentrate on these for now.
So, to conclude;
Resistance Levels:
- Need to close weekly candle above 43k
- VAH & Daily @ approx 44.4k
- Fibonacci Golden Pocket @ 44.8-45.4k
- .382 Fibonacci Level & Old POC @ approx 46.8k
Support Levels:
- POC @ approx 42k
- Daily @ 41k
Hope you got something out of this. Also if you're unsure about anything i've said, unsure on some terms i've used, or have some levels you think I might have missed, please feel free to comment.
Thanks! :)
Jack