26/02/24 Weekly outlook
Updated
Last weeks high: $52994.8
Last weeks low: $51757.7
Midpoint: $50520.6
Another big week in the world of crypto! As predicted BTC has been ranging consistently between the local high of 53k and the support of 50k . Since Bitcoin has been moving sideways we have seen profits rotating into ETH sending it above 3K and the broader altcoin market. We see this regularly in market cycles as capital trickles down the market cap leader board. Now it seems the ETH/BTC pair is looking more bullish we could potentially see further chop for BTC as it builds a base for the next leg and allow alts to play catch up for a short time.
This week I believe there may be some buying opportunities as some of the indicators reset and the key moving averages help to support price, the 4H 200EMA being the key one for altcoins. Bitcoin remains bullish over the 48K level, under that and I think we see a flush/ deleveraging event going into the halving which is less than 2 months away now. We have seen a few times recently just how quickly the market panics when BTC moves even a few % in the negative direction. Exercising caution and protecting funds are so important as the Bullrun is just beginning.
Last weeks low: $51757.7
Midpoint: $50520.6
Another big week in the world of crypto! As predicted BTC has been ranging consistently between the local high of 53k and the support of 50k . Since Bitcoin has been moving sideways we have seen profits rotating into ETH sending it above 3K and the broader altcoin market. We see this regularly in market cycles as capital trickles down the market cap leader board. Now it seems the ETH/BTC pair is looking more bullish we could potentially see further chop for BTC as it builds a base for the next leg and allow alts to play catch up for a short time.
This week I believe there may be some buying opportunities as some of the indicators reset and the key moving averages help to support price, the 4H 200EMA being the key one for altcoins. Bitcoin remains bullish over the 48K level, under that and I think we see a flush/ deleveraging event going into the halving which is less than 2 months away now. We have seen a few times recently just how quickly the market panics when BTC moves even a few % in the negative direction. Exercising caution and protecting funds are so important as the Bullrun is just beginning.
Note
weekly high breakthrough. Waiting on either a swing fail pattern or a continuation of the move. 55.6K the target should this rally continue.
Trade closed: target reached
There's the 55.6K target.Altcoins may take a backseat for a few days or so while liquidity gets poured into this BTC move, we're already seeing the effects across the broader altcoin market with Bitcoin outpacing them in the last 24h.
With RSI now at overbought on majority of timeframes and general sentiment becoming very bullish this is where in my experience people become over complacent and tend to become married to their positions. I do believe this Bullrun the majority of buy and hold strategies will outperform the day trader. The swing trader that can capitalise on the flushes/corrections will do even better still. In a market so over leveraged the corrections can be severe. Enjoy the rallies and prepare for the dumps.
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