10/06/24 Weekly outlook
Atualizado
Last weeks high: $71,199.84
Last weeks low: $67,611.61
Midpoint: $69,801.22
Chop, chop and some more chop for Bitcoin. A steady a climb for BTC last week from range lows made at the beginning of the week with a high just shy of 72K before freefalling to the 0.25 line which coincides with the '21 ATH levell, and a bounce back up to the midpoint which is currently LTF resistance.
The altcoin market is looking in pretty rough shape in comparison to BTC, many have halved since their highs and are now retesting their 1D 200EMA's for support. In a Bullrun you'd expect these levels to hold and can offer great Long entries, I'd like to see BTC show strength above the '21 ATH because if we see another drop below alts will follow and once below the 1D 200EMA we could be in trouble for a while.
For this week I am looking at potential alt longs at the 1D 200EMA levels but being very aware of Bitcoins price. No trade if BTC is below SWB:69K as that would be yet another failed ATH run, and would look to target lower down in the chop range.
Last weeks low: $67,611.61
Midpoint: $69,801.22
Chop, chop and some more chop for Bitcoin. A steady a climb for BTC last week from range lows made at the beginning of the week with a high just shy of 72K before freefalling to the 0.25 line which coincides with the '21 ATH levell, and a bounce back up to the midpoint which is currently LTF resistance.
The altcoin market is looking in pretty rough shape in comparison to BTC, many have halved since their highs and are now retesting their 1D 200EMA's for support. In a Bullrun you'd expect these levels to hold and can offer great Long entries, I'd like to see BTC show strength above the '21 ATH because if we see another drop below alts will follow and once below the 1D 200EMA we could be in trouble for a while.
For this week I am looking at potential alt longs at the 1D 200EMA levels but being very aware of Bitcoins price. No trade if BTC is below SWB:69K as that would be yet another failed ATH run, and would look to target lower down in the chop range.
Comentário
Stairs on the way up, elevator down. Back below the 4H 200EMA and it didn't even put up a fight which is very concerning. Local highs are proving way too resilient currently. I still believe once broken above 80K Will happen soon after but for now we stay in the painful chop zone. 66K-66.5K is the support level that has to hold. Alts are bleeding but stay aware of the alts that look to have slowed or stopped selling off as these projects may be the first movers should BTC flip bullish on a bounce.
Comentário
Back at 4H 200EMA and also the range low. Very key level before CPI and FOMC later.
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