Bitcoin Still in a Bullish Movement for COINBASE:BTCUSD by NouzTrader
The medium-term trend is in a Strong Bullish condition. Since bouncing off the major demand level around 58,000 (lower blue box), BTCUSD has disciplinedly created a very solid Higher High (HH) and Higher Low (HL) structure. Current Price Action: At 64,550, the price has moved upward again with a healthy candle body after a minor correction (healthy pullback). The current position is re-penetrating the Major Supply Zone (upper solid green box) in the 64,800-65,400 range. The previous …
The medium-term trend is in a Strong Bullish condition. Since bouncing off the major demand level around 58,000 (lower blue box), BTCUSD has disciplinedly created a very solid Higher High (HH) and Higher Low (HL) structure. Current Price Action: At 64,550, the price has moved upward again with a healthy candle body after a minor correction (healthy pullback). The current position is re-penetrating the Major Supply Zone (upper solid green box) in the 64,800-65,400 range. The previous rejection in this zone is starting to weaken, as evidenced by the buying pressure that has resumed upward without creating a new, deeper low. ------------------------------------------------------------------------------------------------------------✅ Key Zones:- Resistance/Supply Zone: 64,800-65,500 range (the upper green box is the main breakout target). - Support/Demand Zone: Range 63,800 - 64,000 (The closest base area that was recently broken and validated as support). ------------------------------------------------------------------------------------------------------------✅ Orderflow / Volume Profile Analysis (Fixed Range VPVR)The Volume Profile histogram on the right side of the chart provides important confirmation of where significant liquidity is located:- High Volume Node (HVN) / Recent Accumulation: There is a very thick volume spike in the range of 63,800 - 64,000 (marked by the horizontal green line in the profile). The fact that the current price (64,550) was able to hold and bounce above this HVN indicates that institutional market participants accepted the higher price level and used it as a new buying platform (order flow support). - Low Volume Node (LVN) / Acceleration Area: Above the current price to the peak of 65,400, the volume histogram appears to be thinning. This is a volume vacuum zone. If buyers are able to trigger a breakout above 64,800, the price is projected to surge rapidly through this narrow area towards the upper limit of the volume distribution at around 65,500. ------------------------------------------------------------------------------------------------------------✅ Elliott Wave AnalysisMapping the wave cycle movement on the H4 timeframe:- Wave Structure: The upward impulse from the 58,000 low is considered a very strong impulsive movement. Given that the last correction was shallowly contained above the HVN, this structure is identified as the final sub-wave of a large impulsive Wave 3 or the beginning of a local Wave 5 expansion. - Status & Projection: This upward impulsive cycle still has room for one more upward impulse (final push) to complete its extension target. The logical target for this wave is to sweep liquidity above the previous high before the market then prepares to enter a deeper macro correction phase. ------------------------------------------------------------------------------------------------------------✅ Determining Trading Bias Based on Timeframe- Short-Term Timeframe (Intra-day / H1): Strong Bullish — Short-term momentum is rising with a predominantly green candle structure pressing against resistance. - Medium-Term Timeframe (H4): Strong Bullish — The major trend structure is solid above the high volume density (HVN) area. The primary bias for BTCUSD on the H4 timeframe, structurally and in terms of order flow, is STRONG BULLISH. The next price movement is projected to CONTINUE UPWARDS (Breakout) to test and penetrate the upper boundary of the Supply Zone, targeting the 65,000-65,500 level. DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.