BTC Weekly update. Complete overview

8 Agu 2022

BTC has high correlation with S&P so we will analyze them both globally and locally.

S&P Globally
We broke trendline on daily timeframe and came to zone of demand. Now we are accumulating power close to it and soon can break through. Also, it's only second approach so be carefull with bullish expactations.

S&P Locally
We can see nice accumulation. Also price updates it lows and highs in bullish fashion. I treat it as bullish sign but would like to see shakeout of bulls before going on

BTC Globally
Rise of recent weeks on daily chart looks like pullback and I want to remind you that we still didn't break through global bearish trendline.
We have global trendline as support and now looking to update local high. Potential target should be at least to red zone.

BTC Locally
Last week we formed nice accumulation zone and today we broke through it. At 24700 there local high. If we approach it now, it's likely that we will bounce. However if we stop and accumulate for a couple days we may break through it on the next squeeze


Important Economic Events ahead:
Wednesday:
US CPI (JUL)
Thursday:
US Initial Jobless Claims + PPI


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P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself and your loved ones