22/07/24 Weekly outlookLast 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 SEED_TVCODER77_ETHBTCDATA:3B 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.
Bitcoinconference
Tenders, Tweets, and TrendlinesLike predicted in my previous article, since the very release of the Coinbase IPO, "COIN", Bitcoin has yet to test new highs.
Consequently, Bitcoin is nearly 45% from the April 13th high, and has spent the last 18 days consolidating into what appears to be a pennant.
Generally, pennants have a higher probability of a continuation than a reversal. However, this pennant is placed just above a very major trendline. In addition, the entire Bitcoin Conference of 2021 was full of nothing but bullish news such as the first country in history to accept Bitcoin as a legal tender! Despite Elon Musk attempting to drive this market down via his Twitter account, I believe we have yet to of seen a real bounce from this nasty market leader.
Major Trendline:
My plan:
I have already entered a small amount that was previously nabbed on the first test of the major trendline.
I am hoping that BTCUSD plays a usual breakout pattern which I have demonstrated on the chart above. Therefore a majority of my bids are sitting at trendlines just above 34k. At this point I will enter the remaining of my position with periodic stops to reduce exposure if needed.
IF BTC breaks and stays below the 0.236 at $33.4k I would say we have a lot to worry about.
IF BTC fails to retest bottom support and breaks back above the pennant resistance, I will enter the remaining of my position manually.
Remaining optimistic, I have my primary target set at 42k and will adjust based on the performance.
Wish you all the best of luck!