Looking at price action today on Bitcoin we can see that he anchored vWAP from the 20th April lows held price. The day has opened with an impulsive move up with a naked POC at $97,424 currently acting as resistance. The Weekly naked POC at $92,200 has been back tested as support. The next area of resistance is $98,300 where we have a untested daily level and naked daily point of control.
Today we have FOMC therefore any trades taken should be with tight risk management and also be mindful that price action may be choppy and levels may not get the respect they normally do.
Todays levels of support where price may, or may not give a reaction are:
- 94,000 – dNPOC (Daily Naked Point of Control) in confluence with the aVWAP.
- 91,600 – dNPOC (Daily Naked Point of Control) in confluence with liquidity on the 24th April low.
- 85,100 to 83,600 – Zone containing wNPOC (Weekly Naked Point of Control), dNPOC (Daily Naked Point of Control) and Daily Level and 0.618 fib level.
- 82,500 – Monthly level, 0.66 fib and area of liquidity.
Todays levels of Resistance where price may, or may not give a reaction are:
- 98,300 – Daily Level, dNPOC (Daily Naked Point of Control), Liquidity of the local high and rejection of higher time frame POC.
News events to be aware of:
- 19:00 GMT – FED Interest Rate Decision.
- 19:30 GMT – FED Press Conference.
The above levels are intended as areas of interest only, they are not in anyway financial advice and a valid entry trigger, stop loss placement and target needs to be considered before entering any position