Bitcoin could break out soon, is this the week?
Price action hasn’t been really interesting this week, and my hope for a retrace to 26k didn’t play out, although we have consolidated as I said in my last Weekly Review. As I just said, there isn’t pretty much to say about what happened this last week, so I’ll go straight into next week’s predictions.
Firstly, I do expect next week to be, at least, a bit more interesting: we have Fed Minutes on Wednesday and that can be enough volatility to break the tight range we’re in ($28-31k). And even without this upcoming meeting, I would be surprised if we held one more week. In any case, we would look to retest the FVG at 29.4k as BTC just failed to create a new high at the moment of the writing. Then we could see a sweep of the twice retested high, 30.8k.
Anyway, I don’t discard the option that Bitcoin retests briefly the 26k level, but it’s just less likely at this point, as retail has started to be undecided, leaning to the short side. This being said, I don’t think I could predict correctly any moves besides what I mentioned: we would need to break out first. Lastly, don’t forget that things can get interesting real quick!
Firstly, I do expect next week to be, at least, a bit more interesting: we have Fed Minutes on Wednesday and that can be enough volatility to break the tight range we’re in ($28-31k). And even without this upcoming meeting, I would be surprised if we held one more week. In any case, we would look to retest the FVG at 29.4k as BTC just failed to create a new high at the moment of the writing. Then we could see a sweep of the twice retested high, 30.8k.
Anyway, I don’t discard the option that Bitcoin retests briefly the 26k level, but it’s just less likely at this point, as retail has started to be undecided, leaning to the short side. This being said, I don’t think I could predict correctly any moves besides what I mentioned: we would need to break out first. Lastly, don’t forget that things can get interesting real quick!
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