05/02/24 Weekly outlook
Updated
Last weeks high: $43871.39
Last weeks low: $42838.73
Midpoint: $41806.06
Last week we saw the first month of 2024 come to a close as well as FOMC, this in my opinion contributed to the chop throughout the week with no clear direction in terms of trend. BlackRock continued to buy up BITCOIN and now hold ~33B worth of the asset.
Last week in my outlook I thought that the target of 44.5K is where the bulls needed to aim towards and ideally flip to support however they have fallen short and now I think looks a little heavy. I've said previously I could see a slow bleed towards 33K and it's beginning to look more and more likely as the bulls seem to be exhausted.
This BTC price action has had an effect on the ALT market with the majority of pairs bleeding off too, potentially leading to great long term hold entries in the near future on exciting new L1's and other narrative coins.
Historically February is a good month for BTC so there is hope on the bullish side, with the halving on the way too buyside pressure will grow naturally, in the short term arguments can be made for both sides and I think that's why we're seeing chop and indecision currently, until there is a clear direction only the nibble and very skilled traders are risking this price action. For me I am looking into where I would like to buy strong alts at key levels for swing trading timeframes.
Last weeks low: $42838.73
Midpoint: $41806.06
Last week we saw the first month of 2024 come to a close as well as FOMC, this in my opinion contributed to the chop throughout the week with no clear direction in terms of trend. BlackRock continued to buy up BITCOIN and now hold ~33B worth of the asset.
Last week in my outlook I thought that the target of 44.5K is where the bulls needed to aim towards and ideally flip to support however they have fallen short and now I think looks a little heavy. I've said previously I could see a slow bleed towards 33K and it's beginning to look more and more likely as the bulls seem to be exhausted.
This BTC price action has had an effect on the ALT market with the majority of pairs bleeding off too, potentially leading to great long term hold entries in the near future on exciting new L1's and other narrative coins.
Historically February is a good month for BTC so there is hope on the bullish side, with the halving on the way too buyside pressure will grow naturally, in the short term arguments can be made for both sides and I think that's why we're seeing chop and indecision currently, until there is a clear direction only the nibble and very skilled traders are risking this price action. For me I am looking into where I would like to buy strong alts at key levels for swing trading timeframes.
Note
FVG FILLED @45.5K Now if the interesting part, do we see a swing fail/ rejection of this area and a continuation of the downtrend, or do we see acceptance art this level?
- Bullish if price stays within the FVG and gains acceptance there forming a base to take a run at the 49k local highs.
- Bearish if price wicks, then retests as resistance with confirmation rejection.
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