08/04/24 Weekly outlook
Updated
Last weeks high: $71365.43
Last weeks low: $67932.12
Midpoint: $64498.81
Trading can be a very complex and difficult profession to be profitable, however it can often be made more simple. The 4H 200EMA can be used to indicate the direction of the market, for 2 months now BTC has reliably been bouncing off the 4H 200EMA making it great support and an ideal position to enter a LONG position.
Last week we saw BTC fall as the monthly candle closed which ended the first quarter of the year. Then after reacting positively off the key moving average priced rallied back towards the '21 ATH level of 69K which is HTF support and got back above it.
In addition to reclaiming a key level, funding has cooled off and looks much healthier, the halving is less than two weeks away, Greyscale continue to sell but they are slowing down. All signs are bullish for this week and the first few hours of trading have shown it as we blast towards 73K.
For this week I am going to continue to build on positions made last week during the dip while keeping and eye on BTC targeting ATH, I believe the conditions are now right to make a run for new highs.
BRC20 tokens could be worth keeping an eye on as BTC looks strong as well as RWA's.
Last weeks low: $67932.12
Midpoint: $64498.81
Trading can be a very complex and difficult profession to be profitable, however it can often be made more simple. The 4H 200EMA can be used to indicate the direction of the market, for 2 months now BTC has reliably been bouncing off the 4H 200EMA making it great support and an ideal position to enter a LONG position.
Last week we saw BTC fall as the monthly candle closed which ended the first quarter of the year. Then after reacting positively off the key moving average priced rallied back towards the '21 ATH level of 69K which is HTF support and got back above it.
In addition to reclaiming a key level, funding has cooled off and looks much healthier, the halving is less than two weeks away, Greyscale continue to sell but they are slowing down. All signs are bullish for this week and the first few hours of trading have shown it as we blast towards 73K.
For this week I am going to continue to build on positions made last week during the dip while keeping and eye on BTC targeting ATH, I believe the conditions are now right to make a run for new highs.
BRC20 tokens could be worth keeping an eye on as BTC looks strong as well as RWA's.
Note
Back at the 0.75 level, close to the '21 ATH, needs a good reaction at this levelNote
After bouncing off of last weeks MIDPOINT after a small drawdown caused by worse than expected CPI figures, BTC has now rallied back to the high of LAST WEEK. From here if that high is flipped the natural next step is ATH, getting ever closer to the halving the accumulation phase at this level could be over soon.
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