23/09/24 Weekly outlookLast weeks high: $64,141.61
Last weeks low: $57,492.86
Midpoint: $60,817.24
Pattern continuation for Bitcoin from the week that came before last, steady and constant move up +11.55% from week low to high. The FOMC was the big talking point of the week, would the FED cut 25bps or 50bps, the answer was 50bps with a view to stay ahead of the curve. Making the rate of borrowing cheaper incentivises risk-on investment and so we have seen the start of that with the recent move up from the midpoint/
Having said that, typically when the week starts by swing failing the previous weeks high that often leads to a sell off week historically. This would go against the larger macro narrative that the market is turning back bullish after 6 months of chop. If anything this is the perfect test for Bitcoins resolve, if it overcomes a swing fail and continues a move up then the sentiment and macro outlook will be very positive going into Q4.
$65,000 is still major resistance and should be the bullish target to flip this week. The altcoin market is starting to wake up, should BTC accumulate around the $65,000 area I'd like to see alts/TOTAL3 playing catch-up. If BTC flips the $65,000 with strength we are off to the races.
