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04/12/23 Weekly outlookLast weeks high: $44745 Last weeks low: $42371 Midpoint: $39998 BITCOIN reaches just shy of $45K in what has been a huge continuation of the bullish trend we've experienced all of this year. A pattern I have noticed and one that can usually be seen in market environments similar to this is: 1. Strong move, usually only a few candlesticks. 2. Consolidation, sideways movement at new level. 3. Repeat first two steps. With each step up, consolidation is getting longer and the rally shorter which shows the market is running out of people willing to go long at this price as selling pressure increases drastically. At the time of writing priced has fallen 7% as the new week has started, with a new lower low, printing a new lower high could show the trend shifting towards short term bearish. This would be healthy for a week or two in my opinion as there hasn't been a healthy correction for a while, 32.5K retest is the obvious place for price to want to retest as new support, this would also be bad for alts as leverage gets flushed out potentially. Now if BTC stagnates the altcoins will have a chance to run as profits flow into altcoins. The range midpoint is a very important level that will determine short term direction.
BITSTAMP:BTCUSD
by ProR35
27/11/23 Weekly outlookLast weeks high: $38451.2 Last weeks low: $37035.2 Midpoint: $35619.1 Bitcoin continues its choppy price action as the 38.5k resistance remains intact despite 4 separate attempts to break above. This type of price action has allowed other altcoins to run up double digit gains, however the microcaps and meme coins are benefiting the most in recent days and that usually spells a big move for BTC is coming soon. Consolidation under key resistance along with multiple attempts chipping away at the key level point towards a break above 38.5k soon. If this were the case I do think care would need to be taken in going long as the bulls do seem to be running out of steam as of late as investors/traders look to sell positive news instead of adding to longs, a sign of an exhausted rally. Personally I think a bull trap would be the most painful move the market could make here, a swing fail pattern taking liquidity above resistance before falling back down and giving us a healthy correction going into the new year, perhaps targeting 32.5k area. We also still have the looming ETF decision which would kickstart the real Bullrun, however I do believe should that happen there would be more FUD on the lead up to that decisions so institutional investors can get BTC at a better price. It did seem like that was the goal with the BINANCE hearing last week however the market did not react as negatively as the SEC would have hoped.
by ProR35