NxtVeeru, Sunday, February 6, 2022
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BTC analysis

it’s just been very very very very choppy the last um last several days uh i mean if you can trade this then props to you but there’s like lots of wicks and fake outs and and everything especially like if you look on the four hour it’s just like very difficult to trade i think that i don’t know if the bottom is in right now

I mean it’s very like the area around 28k is very attractive in my opinion like it’s it’s a high time frame level of support and it’s the band area all throughout that area and it seems silly if price is to not like get all the way down close to this area and then not not get there um i don’t know i mean like there’s arguments to be made that the bottom is in this is obviously a weekly level here that’s like holding up a support too but for me personally i’m just like taking it level level in this situation and um i’m personally just like being patient it’s funny that you look on twitter and you can see people just um flipping by us like every two seconds just because you know price is up like 0.5 or something like that i think that’s very it’s best to just be very patient at this time and don’t really have super high conviction in anything in my opinion just because like you know screaming at the bottom is in or screaming that uh you know

we’re just going to go up from here i you know i honestly have no idea and i think you should be very cautious as well so what i’m going to do right here is i’m just going to mark a few weekly charts uh as you can see here this is a weekly level that we’re at 35k you can see lots of interaction with this level all throughout may june and july it could not break this level and we got a deviation in june past this level but and we closed above it but ultimately we nuked much lower the next week and one two three four and five weeks later we still never could not close above this um 35k level we still couldn’t close above the 35 k area so to me this is an interesting level and it is holding a support as of right now 35k so i guess let’s just kind of see as i said before the other weekly level beyond this would be in my opinion there is a weekly close right around this 32 k area and if you want to go even lower around 30 what is that 31 7 but to me i think the ultimately this is the more important level this this um 20 28k level there will be liquidity below it as well that’s like where there’s going to be a lot of stops like people are going to have a lot of stops on this region 25k or whatever but for me i think taking it level to level is uh the best way to do it and i’m just basically dollar cost averaging and i’m i’m assuming like i have a lot of orders lower but you know i do recognize that this could be the bottom as well so these are some weekly charts here let’s look on the daily to look at it a little bit more cleanly

As you can see here price is holding above this uh weekly level uh at 36k or so 35.8 for a little bit and as i drew before this is like the overall eq of this range or it’s close to it so if we just scrap all these charts and just go straight to this overall range here you’ll see that price is very much it’s very close to the eq of this entire range and eq means equilibrium so it’s like at the 0.5 of this range this is a high demand area around 36k a 35k and it’s a very high volume node as well you can look on volume profile and this what it means is that when there is a lot of volume traded here it means that price likes to trade in this area traders find this to fair value and usually these are support and resistance areas generally speaking so what i’m trying to say here is that the bottom could be in the bottom could be not and i’m doing 28k personally because i do believe that we are needing one last shakeout if the bottom is at 34 35 3k then i believe that we’ll get another opportunity because if you look at other bottoms in the past and you look at the recent videos i did as well on bitcoin you’ll see that price takes a long time to bottom out and you’ll often see price really wicking to these levels of several times and you can see it all throughout bitcoin’s price history is whenever there is a bottom that’s formed uh we will see price come back to these levels frequently now if i were to take a trade right now

I personally would not take bitcoin you could long like one trade opportunity that you could take for bitcoin is you could try to long you could scr scroll down to lower time frame charts this is very choppy price action it’s very hard to distinguish some clear sr levels um to me this would be like a resistance supply zone right here around 39k but a very a much stronger level in my opinion like if you look and this is just it just disappears on the daily the much stronger area of resistance would be kind of this other supply area around 42k so a trade that you could potentially take is longing 35k again like this area should be support and as i said before you should get many wicks into this area and you could long there targeting probably whatever the range high here of this is 37k and then ultimately 42

If it gets there but again this is very choppy conditions i don’t really recommend scalping unless you are um experienced trader if you’re an experienced trader then sure yeah that’s that’s great but but i wouldn’t personally recommend scalping these conditions just because they’re very difficult to trade as i said if you look on lower timeframe charts uh like this is very difficult you’ve seen crazy wicks in both directions uh and what have you so as of right now uh i know this isn’t really very helpful in general but i am not sure if this is the bottom personally i’m waiting for one last flush to 28k um i think it would make a lot more sense there needs to be a few more wicks but with that said if price starts to wick down into 34 and 33k

And we start to see like volatility ramp up with some high sell volume and we’re seeing that price is holding this level and we’re chopping around for quite some time at 33k then i think the bottom is in really you want to look for high volume high volatility and you want to see price stabilizing and spend a large amount of time in a certain area at that point you realize that the bottom is generally going to be in but again we haven’t really seen crazy volatility yet we haven’t seen crazy volume yet either what i really want to see is like some big carnage and that’s why i think that 28k could be coming and that’s kind of what i’m waiting for i’m just waiting right now just for 28k

Personally i’m just being patient with some entries i’m not really actively trading too much right now just because it’s it’s very very very choppy right now and i’m mainly just trying to learn other stuff so going into the weekend you know as i said there’s every single type of scenario as possible we could obviously nuke down to 28k we could just keep chopping around 33 34.

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