$BTC daily profile analysis
The market opened close to the middle of the previous day’s value area, so a rotational day was expected. During the first three periods, A, B, and C, price traded back and forth around the open, showing low confidence. It later shifted into a high confidence day as the market began onetimeframing lower from the E period.
The market left two single prints, and one has already been filled. The second single print is now acting as resistance.
As price one timeframed lower, several poor lows were repaired, including the lows from 2/10, 3/10, 4/10, and 5/10. Although the current low is a good low because it has a buying tail, it still looks weak since it formed just one tick above the 23/09 low.
I’ve been saying since last week that the 1D timeframe has been weak.
The market opened close to the middle of the previous day’s value area, so a rotational day was expected. During the first three periods, A, B, and C, price traded back and forth around the open, showing low confidence. It later shifted into a high confidence day as the market began onetimeframing lower from the E period.
The market left two single prints, and one has already been filled. The second single print is now acting as resistance.
As price one timeframed lower, several poor lows were repaired, including the lows from 2/10, 3/10, 4/10, and 5/10. Although the current low is a good low because it has a buying tail, it still looks weak since it formed just one tick above the 23/09 low.
I’ve been saying since last week that the 1D timeframe has been weak.
