Gm traders, welcome back to another episode of my weekly Bitcoin analysis article. Today marks the end of the week, and the market is closing strong ahead of the new week’s open. Without further ado, let’s jump in. Market Profile Recap The market opened bearish at the start of the week but is now closing on a strong note. This suggests that longer-term participants, especially buyers, have been in control. In my last article, I pointed out key trade areas to watch, including the 27/09 and 23/09 highs. Both poor highs have now been repaired, while the lows were not revisited as the bulls held the 82.5k area firmly. Bond volatility and NFP also had a strong impact on the market. Going into the new week, the FOMC meeting on 07/10 will be an important event to watch. Monthly Timeframe (1M) The market closed bullish last month and started this month strongly. Longer-term participants remain dominant on the higher timeframe. The current monthly high is only a few ticks below the previous month’s high, which suggests the trend is still relatively young. Intermediate Timeframe (1W) Looking ahead, the trend is still young, but longer-term participants remain very active here. This week’s market was largely influenced by bond market volatility. The major event for the new week will be the 07/10 FOMC meeting, and that could shape price action going forward. Daily Timeframe (1D) Since the 21/09 high was established, the market has been trading in range, with short term sellers remaining dominant. Short Yerm Timeframe From Monday through Friday, the profile showed value area overlap to the upside, while Saturday brought the market back into balance. Overall, the profile for the week has printed poor or weak lows that have not yet been repaired. Friday’s high is also a poor high and remains an important reference. The POC on Friday did not migrate with price as the market moved lower(the POC area has beem repaired) Current Profile The market opened in the middle of the previous day’s value area. During the first few hours after the open, the market showed low confidence, but later shifted into a high confidence day as price began to one-timeframe higher. The current low is a poor low, and the POC area remains too wide.the current profile POC isn't migrating with price as price moved higher. whike the poc is too wide. Weekly Focus The main areas I’ll be watching into the new week are the weak lows left behind during the week, the Friday poor high, and how the market reacts around the 82.5k area. If buyers continue to hold control, the market may continue building strength, but if that weak structure is revisited, it could create a cleaner repair move. Key Trade areas; 23/09 weak high needs repairs 04/10 POC area needs to be revisited 28/09 - 04/10 poor lows/ weak lows needs repairs. Thanks for reading. This article is by no way an investment advise, pls kindly Dyor.
The market profile structure is not very healthy, and there are no sign of longer term participants on the lower timeframe. The market has been ranging since the the opening period.
At the moment, the market is building value above the previous day’s value area, but I wouldn’t yet read that as uptrend continuation because the market is becoming too balanced also the current high and low are both poor. The POC migrated from near the high to the middle, which suggests balance. Unless something unexpected happens, the market may continue rotating toward either extreme.
TraderLeumas
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$BTC Daily Analysis The market opened above the previous day’s value area high, which suggests that today could be a high risk/reward day.
From the previous day’s profile, the market showed: a poor low, double single print areas, a poor high, a wide POC area, and a POC that did not migrate with price as price moved higher. The poor high and the single-print areas have now been repaired. From today’s open, the market one-timeframed higher during the A–D periods and then reversed in the E period. The current high is a poor high, while the low is a weak low. The current low stopped exactly one tick above the previous day’s POC area, which has not yet been revisited.
Possible scenarios for the day ahead The market has been building on weak structure since last week, even though short-term buyers have been trying hard to push price beyond 87.5k. Short-term sellers are still dominant in the lower timeframe. I’ll be watching for: repair of the previous day’s poor low, a takeout of the current poor high, and migration of the current POC area.
As stated in my article, the 07/10 FOMC meeting will be very important for market volatility.
$BTC Daily Analysis The market opened above the previous day’s value area high, which suggests that today could be a high risk/reward day.
From the previous day’s profile, the market showed: a poor low, double single print areas, a poor high, a wide POC area, and a POC that did not migrate with price as price moved higher. The poor high and the single-print areas have now been repaired. From today’s open, the market one-timeframed higher during the A–D periods and then reversed in the E period. The current high is a poor high, while the low is a weak low. The current low stopped exactly one tick above the previous day’s POC area, which has not yet been revisited.
Possible scenarios for the day ahead The market has been building on weak structure since last week, even though short-term buyers have been trying hard to push price beyond 87.5k. Short-term sellers are still dominant in the lower timeframe. I’ll be watching for: repair of the previous day’s poor low, a takeout of the current poor high, and migration of the current POC area.
As stated in my article, the 07/10 FOMC meeting will be very important for market volatility.
The market has been rotating. Today’s open was close to the middle of the previous day’s value area, which suggests another rotational session. The market showed low confidence as price traded back and forth around the open. The current high is a poor high, while the low is a weak low because it sits at the same price range as the 25/09 low. For the last three days, profile lows have been poor and weak, and I think short-term buyers are getting tired. Those lows need repair.
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The market opened close to the previous day’s value area high, similar to yesterday’s open. Since the open, the market has been trading back and forth, which suggests low market confidence.
The current low is a mechanical low, even though it has 3 wide, because there is a specific way to treat 3 wide structures.
The lows from the last two days have been poor, and buyers have been weak, so I’m expecting a downside breakout that may repair the lows established over the last two sessions. Today should likely be a rotational day.
$BTC Profile Update The market opened close to the previous day’s value area high. During the first few periods, it one timeframed lower down to the 4/05 week range high, which is an important reference.
From F period, the market began one timeframing higher and formed a poor low. The current high has excess.
Short term sellers are still very active in the market, so from the open I’m expecting a rotational day that offers good risk-reward if positioned well.
Update on yesterday’s $BTC profile The bulls are clearly holding the 82.5k range, and the previous day’s profile had a 3 wide at the low. The POC migrated from near the low back to the middle of the profile.
The previous day built value below Sunday’s value area low, and yesterday’s profile had a classic b shape, which suggests more longs were being liquidated in the market.
Gm everyone. This is the last week of the month, and welcome to another episode of my weekly article, where I share my thoughts on $BTC using both conventional charts and TPO charts. For those visiting for the first time, welcome. Without further ado, let’s jump in. Monthly Timeframe (1M) The bulls are still very much in control on the monthly timeframe. The market traded close to the 1/01 opening and saw a quick rejection. I referenced the 1/01 price area in last week’s article. The market is currently trading around the 83k range as of the time of writing. Here is my thesis: if the monthly timeframe closes below the May high, I wouldn’t be surprised if the bears extend price down toward the 79k–80k area. Intermediate Timeframe (1W) On the intermediate timeframe, the bulls are still dominant and trying to hold the 82k price range, although the uptrend is still young. Selling may still continue below the 4/05 week high. The market outperformed my expectations last week, which was very good in setting the tone for upward continuation. Although the market opened very weak, I’m expecting a close above the 4/05 week high. Daily Timeframe (1D) After a successful breakout from the 81.8k–82.8k range last week, the market traded close to the 1/01 high, as discussed earlier. Since the 21/09 high was established, sellers have been very active, driving price back down to the 83k area currently. Short Term Timeframe (30m) As stated earlier, sellers have been dominant for seven consecutive days in a row. Weekly Profile Recap The high established on Monday had excess, which was very significant in starting a new direction. The POC on that day did not migrate with price as price moved higher, which made the rally high questionable. I discussed it here: Tuesday had a poor high and a poor low, both of which were repaired the next day. Buyers attempted to extend price above the 21/09 range but failed, leaving a poor high at the top. Sellers then extended the price range down to the 4/05 week high, leaving an excess low. The POC migrated with price as price moved lower, marking seller dominance in the market. From Thursday through Saturday, short term sellers have been dominant in the market, which makes the current activity look weak. Yesterday, buyers gained a little dominance but failed to extend price upward. The market built value above Saturday’s value area high. Note: Short term timeframe traders, whether buyers or sellers, can move the market. Today's Profile The market opened in the middle of the previous day’s value area. During A and B periods, buyers failed to extend the range past the previous day’s value area high, leaving excess and resulting in a low-confidence day. Sellers stepped in and drove the market lower. As stated earlier, the market has been dominated by sellers since last Wednesday. I talked about the Wednesday mechanical low and how important it was for the structure of $BTC going forward. Fast forward to today, it has been repaired. This led me to question the 21/09 POC area, which was not revisited. I’m not saying the market must revisit that price area, but I think it is crucial, especially since there has been no clear sign of buyer strength and the market remains weak. Possible Scenarios This Week The 21/09 area may likely be revisited.21/09 single prints may be revisited.23/09 poor high may be revisited. Key Trade Areas High 27/09 poor high: 87.2k23/09 poor high: 82.2k21/09 single prints: need to be revisited Low 21/09 POC area: 81.4k20/09 POC area: 80.34k Thanks for reading. I would like to know what you think about the market this week. NFA: This is just my read on the market based on Market Profile structure and price action, not financial advice.
The market opened above the previous day’s value area high and showed low confidence in the first few periods. It later one timeframed higher, taking out the previous day’s poor high. The POC did not migrate with price as the market moved higher.
Market Observation The profile printed a 3 wide at the low, along with a poor low, and did not revisit the previous day’s POC area, which was too wide. The profile structure is truncated, and both buyers and sellers were active in the market.
nothing much from today's market, but here is a quick one: the market confidence from the opening has been low, with most trade occurring close to the middle of the previous day value area.
the market opened near the low of the previous day value area. during the first few hours the market exhibited a low confidence day.
The current profile high is a good high which means the the auction has been completed while the low is very mechanical because it's went one tick below 4/05 high.
the previous day profile poc migrated with price as price moved lower and single prints formed has been partly repaired.