Financial Instrument: Bitcoin FuturesPrice at the Time of Analysis: $96,095
Bullish Above $96,930
$96,520: Today’s developing Value Area Low (VAL).$96,800: Approximate VWAP of today at the time of writing.$96,900: The Point of Control (POC) from three days ago.
Sustained price action above these levels signals that buyers are gaining control, increasing the likelihood of further bullish momentum.
$97,300: A significant resistance level and potential target for partial profit-taking.$97,460: Today’s POC.$97,560: Today’s Value Area High (VAH), a logical level for additional profit-taking.
Bearish Below $96,200
Profit Targets for Short Positions:
$94,570: A key support level and potential area for partial profit-taking.$93,600: The Value Area Low (VAL) of December 31 and the end-of-year support level, offering a deeper bearish target.VWAP (Volume-Weighted Average Price)
Above VWAP: Signals buyer strength and bullish momentum.Below VWAP: Indicates seller dominance and bearish pressure.
Value Area Concepts (VAH, VAL, POC)
Value Area High (VAH): The upper boundary of the price range where 70% of volume traded, acting as resistance.Value Area Low (VAL): The lower boundary of the value area, often serving as support.Point of Control (POC): The price level with the highest traded volume, frequently acting as a magnet for price action.Bullish Scenario: Sustained price action above $96,930 opens the door to profit targets at $97,300, $97,460, and $97,560.Bearish Scenario: A break below $96,200 could lead to downside targets at $94,570 and $93,600.
Compass for Trading Decisions
If the price struggles near $96,930 and reverses downward, traders might consider a short position, targeting a move back toward $96,200.Conversely, if the price sustains above $96,930, traders can follow the bullish path with the provided profit targets.
Partial profit-taking levels are provided for both scenarios to help traders lock in gains while managing risk effectively.
Trade at your own risk. Visit ForexLive.com for additional perspectives.
This article was written by Itai Levitan at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( Bitcoin analysis for Today )
Also on site :