a weekly price action market recap and outlook - bitcoin
Good evening and i hope you are well.
I try to do BTC more regularly now. You can think of bitcoin what you want, but it’s a big enough market to follow the basic principles of human nature and therefore price action patterns. Frankly, i don’t care if you think this is going to 0 or 1.000.000. and you don’t have to either to trade it.
bull case: Bulls got the big breakout i lastly talked about early 2024 above 48000 and they immediately made 50000 support again. That’s why most bears covered and we had the very big climactic rally to 64000. Market has to take a breather here and should go a bit more sideways before w5 and the ultimate retest of the previous ath at 68997.75 and we almost certainly then get a new ath above 70000. How high? No idea.
bear case: Got nothing for you here. Maybe if they can get it below the daily 20ema again but that is so low probability. Something very unusual has to happen for that.
short term: “Crypto is yes yes yes buybuybuy.“ Just look for longs and follow the bulls.
medium-long term: Don’t know how long this rally will go but the last ath was made and market did not spend much time up there, 4-6 weeks and then it went down hard. So i tend to think once we reach 69000/70000, you should look where market stalls and take profits, then wait for a big bear bar to enter long term shorts. This pump has to be done in the next 4 weeks or it wont make a new ath.
I try to do BTC more regularly now. You can think of bitcoin what you want, but it’s a big enough market to follow the basic principles of human nature and therefore price action patterns. Frankly, i don’t care if you think this is going to 0 or 1.000.000. and you don’t have to either to trade it.
bull case: Bulls got the big breakout i lastly talked about early 2024 above 48000 and they immediately made 50000 support again. That’s why most bears covered and we had the very big climactic rally to 64000. Market has to take a breather here and should go a bit more sideways before w5 and the ultimate retest of the previous ath at 68997.75 and we almost certainly then get a new ath above 70000. How high? No idea.
bear case: Got nothing for you here. Maybe if they can get it below the daily 20ema again but that is so low probability. Something very unusual has to happen for that.
short term: “Crypto is yes yes yes buybuybuy.“ Just look for longs and follow the bulls.
medium-long term: Don’t know how long this rally will go but the last ath was made and market did not spend much time up there, 4-6 weeks and then it went down hard. So i tend to think once we reach 69000/70000, you should look where market stalls and take profits, then wait for a big bear bar to enter long term shorts. This pump has to be done in the next 4 weeks or it wont make a new ath.