BitcoinShort
Why I think Bitcoin Trades to $64k Next
While there have been lots of wins on the fundamentals and adoption of Bitcoin globally increasing. There is still more to be desired from a technical perspective in my opinion.
This chart might look busy, but the outlook from here is quite simple for me. Let me break it down.
Why I think its weak
Price has on the 21st of May (Orange circle) failed to remain above resistance from the previous highs.
We have also failed to make any new higher highs since this rejection.
The Big Picture is still Bullish
We are also current trading in a range within the overall March range structure, that has yet to take out the high or low.
As my current thesis is the Bitcoin will trade higher in the coming months, It's reasonable to think that we go lower before the next leg higher.
I think there also some pragmatic selling happening ahead of the FOMC and CPI data that will release in the coming weeks.
Lower then Send It Higher
So in summary, $64,000 -> towards the fair value gap (green box) as the next likely move. And then I would like to see accumulation in that zone for the next move into new all time highs.
Invalidation of this idea, would be to close back above $72,000.
This chart might look busy, but the outlook from here is quite simple for me. Let me break it down.
Why I think its weak
Price has on the 21st of May (Orange circle) failed to remain above resistance from the previous highs.
We have also failed to make any new higher highs since this rejection.
The Big Picture is still Bullish
We are also current trading in a range within the overall March range structure, that has yet to take out the high or low.
As my current thesis is the Bitcoin will trade higher in the coming months, It's reasonable to think that we go lower before the next leg higher.
I think there also some pragmatic selling happening ahead of the FOMC and CPI data that will release in the coming weeks.
Lower then Send It Higher
So in summary, $64,000 -> towards the fair value gap (green box) as the next likely move. And then I would like to see accumulation in that zone for the next move into new all time highs.
Invalidation of this idea, would be to close back above $72,000.
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