22/07/24 Weekly outlook
Updated
Last weeks high: $68,476.68
Last weeks low: $60,656.67
Midpoint: 64,566.67
On my last weekly outlook I commented on the nature of the weeks rally and how it began at weekly low and finished the week at weekly high. The same thing happened almost identically this time with a weekly low of just above $60,000 rallying +13% to reach just shy of the '21 ATH at $69,000.
The recent run of price increases comes after the German Government sold over 33B worth of BTC pushing price down. Having now run out of BTC to sell the momentum has shifted and the net inflows have now been consistent ever since.
With the presidential race now in the business end of the race, Trump is scheduled to be at the Bitcoin Conference in the 27th this month and there is There is "speculation that Trump may announce the establishment of a U.S. bitcoin strategic reserve". A pro crypto president of the USA would no doubt bring great interest and innovation to the country in the future but also brings about a new element of FOMO to sideliners and doubters of crypto's legitimacy. I can only predict this is a good thing between now and November at the very least ramping up exponentially as we nearer the election date.
This week it's all eyes on the Bitcoin Conference, and also monitoring the progress of the Ethereum ETF. BTC has lead the recovery charge with altcoins still lagging a little behind as focus has once again shifted back towards the majors after a heavy sell off.
Last weeks low: $60,656.67
Midpoint: 64,566.67
On my last weekly outlook I commented on the nature of the weeks rally and how it began at weekly low and finished the week at weekly high. The same thing happened almost identically this time with a weekly low of just above $60,000 rallying +13% to reach just shy of the '21 ATH at $69,000.
The recent run of price increases comes after the German Government sold over 33B worth of BTC pushing price down. Having now run out of BTC to sell the momentum has shifted and the net inflows have now been consistent ever since.
With the presidential race now in the business end of the race, Trump is scheduled to be at the Bitcoin Conference in the 27th this month and there is There is "speculation that Trump may announce the establishment of a U.S. bitcoin strategic reserve". A pro crypto president of the USA would no doubt bring great interest and innovation to the country in the future but also brings about a new element of FOMO to sideliners and doubters of crypto's legitimacy. I can only predict this is a good thing between now and November at the very least ramping up exponentially as we nearer the election date.
This week it's all eyes on the Bitcoin Conference, and also monitoring the progress of the Ethereum ETF. BTC has lead the recovery charge with altcoins still lagging a little behind as focus has once again shifted back towards the majors after a heavy sell off.
Note
BTC price regression from the start of the week until now, currently sat at the MIDPOINT. This drawdown could be blamed on the stocks/ traditional markets pulling back. Also for the last two weeks we've seen price a increase so a cool off may be needed in the short term.
I would keep a close eye on the range MIDPOINT & the traditional market movements.
Note
Swept the MIDPOINT and successful retest as support.Bullish rally from MIDPOINT level now working towards weekly high.
60M BTC shorts to be liquidated @ $67,900 so that's the level to look out for.
Note
approaching weekly high, good to see price acceptance above the $67,900 liquidity zone. BTC conference today with Trump speaking at 2pm local time. Could be a volatile day leaning towards bullish in my opinion. Trump has praised BTC in recent weeks and I can't see him backing away from that now.
If sidelined I would not enter here IMO as it's too unpredictable, you'd have to be very nimble indeed.
Not financial advice
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