Trade Analysis Monday, BTCUSD September 9th, 2024
Weekly trading analysis for Uncharted Investors.
Last week, thanks to the tumbling stock market, we witnessed a significant sell-off from $59,800 down to $52,500.
Examining the weekly range, we are still hovering around the 50% mark.
The weekly volume profile shows that we are now well below the 70% volume level, which suggests a potential push back up, targeting the Point of Control (POC) or even the high of the volume profile.
However, since we are at the 50% level of the weekly range, for who trades on a weekly basis and for BTC holders it’s not advisable to open long or short positions at this point or to acquire BTC on spots. It's better to wait and see if either the 0-25% or 75-100% areas are tapped before making any moves.
On a daily perspective, we’re still ranging below the 25% of the weekly range, which could be a setup for a potential long position.
Looking closely at the daily volume profile, we are also well below the 70% volume level, indicating a possible push back up, targeting the POC or the Volume Area High (VAH).
From a Daily/4H perspective, it’s clear that we’re still making lower lows. On Friday, we simply stopped the drop, gathering enough liquidity below the August 5th low.
At Uncharted, our plan for this week involves carefully analyzing the order books, which suggest that there are still unfilled orders. Given the aggressive dump, we expect a retracement to key areas on our charts that align with Fair Value Gaps (FVG) and other major imbalances of untapped orders.
While we can’t be certain if the dump is over, we’re preparing to set up a few long positions. As we reach specific areas on the chart, we’ll also set up short positions targeting the lows of the daily and weekly ranges.
Uncharted crew, will prefer to see the range low at $48,900 taken out before considering any long positions, but the market is unpredictable and there are also other major factors to consider like this week forex and stocks announcements, with major news that will definitely shake the market!
Trade responsibly—this is not financial advice.
