Bitcoin Futures Analysis: Although 10k is broken there is another major level lower down to keep an eye on
- Bitcoin sentiment took a dive over the weekend and today BTC futures trade 3.29% lower.
- Although we trade under 10k the main support zone is lower down at 9,095.
Yes, Bitcoin has fallen below 10k again but let me show you where the main support zone is.
On the daily chart below there is a consolidation low at 9,095,0. This is the key level and if it breaks we could see prices free fall.
There is a candle close low 9,429.0 that needs to be watched also but the spikes and candle shadows print a low at 9,095.0.
On the market profile chart we can have a look at the intraday levels:
On this chart, the major low we need to keep an eye on today is 9,838. If this level breaks, we could move to the next distribution around 9,651.
If any chance we break higher than the main value area on the chart could be a good target. The composite VPOC area marked on the chart is the price were most contracts changed hands.
This level can sometimes act like a magnet for price.
The major low on the chart of 9,386 is also a decent support zone but like the daily chart above the consolidation low of 9,095 is key.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
