10/07/23 Weekly outlook
Updated
Last weeks high: $ 31542.8
Last weeks low: $30610.1
Midpoint: $29677.4
Previous weeks price action tells an interesting tale. Beginning the week precisely on the midpoint of the week and ending on the 0.25 line.
The choppiness from last week follows a similar pattern to weeks previous, the target for the bulls of 32.5k and above is still in sight. Last weeks new local high of 31.5k took out the previous local high but has now printed a swing fail pattern (SFP).
With CPI on Wednesday this could be a high volatility event to get to that 32.5k wick and take liquidity in the supply zone. Just an idea.
As of now there is quite a large FVG at around 27k and this should be the bears target. I think this has an equal chance of happening as the 32.5k, however, losing 29.1k and acceptance below that level will increase the possibility of that happening and the added confluence would prompt me to look to go long around that 27k level. We will see once we get there.
Good luck to everyone this week!
Last weeks low: $30610.1
Midpoint: $29677.4
Previous weeks price action tells an interesting tale. Beginning the week precisely on the midpoint of the week and ending on the 0.25 line.
The choppiness from last week follows a similar pattern to weeks previous, the target for the bulls of 32.5k and above is still in sight. Last weeks new local high of 31.5k took out the previous local high but has now printed a swing fail pattern (SFP).
With CPI on Wednesday this could be a high volatility event to get to that 32.5k wick and take liquidity in the supply zone. Just an idea.
As of now there is quite a large FVG at around 27k and this should be the bears target. I think this has an equal chance of happening as the 32.5k, however, losing 29.1k and acceptance below that level will increase the possibility of that happening and the added confluence would prompt me to look to go long around that 27k level. We will see once we get there.
Good luck to everyone this week!
Note
Post CPI data release BTC finds itself losing a LTF diagonal support + a rejection off the Midpoint. For me this signals more of a bearing outlook but to be honest this range is not worth trading unless price is at the range highs, or range lows. Everything else is just sideways directionless chop that's too risky.
Disclaimer
The 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 the Terms of Use.