23/10/23 Weekly outlook
Last weeks high: $30629.8
Last weeks low: $28832.6
Midpoint: $27035.3
Bitcoin finished the week with a massive 11.1% increase and a weekly high of 13.28% greater than weekly open.
The way in which BTC had that huge initial gain at the beginning of the week was due to Cointelegraph issuing a false report that the Blackrock ETF had been approved when in in fact it's still under consideration with the decision deadline in March '24.
This false news created a large wick, and the majority of the time wicks get filled, in this case price slowly and consistently filled the wick over the remainder of the week.
We are now looking at a possible SFP of this local high given at 30600 from that early week wick. Price has broken out above and is now back under. For this mini rally to sustain itself price can not be accepted under the red trendline in my opinion. Maintaining bullish price structure going into the heavy resistance area of 32k is key if this rally is to continue. I still think there is one last crash just to truly crush the impatient and for smart money to load up for the bullrun ahead which is almost in site now.
Last weeks low: $28832.6
Midpoint: $27035.3
Bitcoin finished the week with a massive 11.1% increase and a weekly high of 13.28% greater than weekly open.
The way in which BTC had that huge initial gain at the beginning of the week was due to Cointelegraph issuing a false report that the Blackrock ETF had been approved when in in fact it's still under consideration with the decision deadline in March '24.
This false news created a large wick, and the majority of the time wicks get filled, in this case price slowly and consistently filled the wick over the remainder of the week.
We are now looking at a possible SFP of this local high given at 30600 from that early week wick. Price has broken out above and is now back under. For this mini rally to sustain itself price can not be accepted under the red trendline in my opinion. Maintaining bullish price structure going into the heavy resistance area of 32k is key if this rally is to continue. I still think there is one last crash just to truly crush the impatient and for smart money to load up for the bullrun ahead which is almost in site now.
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