04/12/23 Weekly outlookLast weeks high: $40446.2
Last weeks low: $38576.9
Midpoint: $36707.5
Going into the final month of the year BTC continues its march into the 40k region after flipping 38.5k (Midpoint) as new support. After the 5th attempt at flipping the key area bitcoin finally managed to breakthrough and with that a surge towards and beyond 40k soon followed.
42K is a huge HTF level for BTC, major reactions in price movement often start at 42k and so it's prone to volatility. During the 2020-2021 Bullrun price bounced off 42k as resistance on the way up, then it was support on the way down multiple times throughout that cycle. Currently there is a large bearish Orderblock located there and so I would predict that only a huge news event/ ETF approval or the halving itself would push us safely beyond this and claim it as new support.
For now I am very hesitant to open any new longs, either we consolidate at the current level under major resistance in which case this is a great time to take profits and look to make plans to rebuy lower down as price drops off.
For this week I'm looking at where I can get entries going into the new year, the ETF approval is on the horizon along with the halving. Binance has in a way been cleansed and so there really isn't anything holding back a full scale Bullrun.
Half the supply & many times more the demand, thanks to BlackRock and other investment groups. We may only get one or two more opportunities for a great entry on a 2 year hold.
