Last weeks high: $110,507.76
Last weeks low: $102,655.69
Midpoint: $106,581.52
With all eyes on the ever escalating geo-political landscape, how did BTC react and what can we see for this week?
The initial move higher broke through the previous weeks high with strength before a triple top just under ATH, then falling back down towards the lows of $102,650 which was the previous weeks midpoint, both levels were key battlegrounds as pointed out in the last weekly outlook.
Now the midweek fall off could be blamed by the escalating conflict in the middle-east, that is an argument that has merit as risk-on assets naturally take a hit when uncertainty enters the market. From a TA standpoint BTC had three separate attempts at $110,500 and failed it, the bulls therefore have to retreat as the battle is lost and have expended their resources. So I see it as a both FA and TA are responsible for the move.
As the week starts with a positive early move the orderblock at 0.75 line looks like the next key battleground, rejection at that level would see BTC enter a more rangebound environment within the weekly range. Flipping $108,500 makes a weekly high retest probable IMO.
I do believe that the geo-political aspect will play a role this week so volatility is expected.
Good luck this week everybody!
Last weeks low: $102,655.69
Midpoint: $106,581.52
With all eyes on the ever escalating geo-political landscape, how did BTC react and what can we see for this week?
The initial move higher broke through the previous weeks high with strength before a triple top just under ATH, then falling back down towards the lows of $102,650 which was the previous weeks midpoint, both levels were key battlegrounds as pointed out in the last weekly outlook.
Now the midweek fall off could be blamed by the escalating conflict in the middle-east, that is an argument that has merit as risk-on assets naturally take a hit when uncertainty enters the market. From a TA standpoint BTC had three separate attempts at $110,500 and failed it, the bulls therefore have to retreat as the battle is lost and have expended their resources. So I see it as a both FA and TA are responsible for the move.
As the week starts with a positive early move the orderblock at 0.75 line looks like the next key battleground, rejection at that level would see BTC enter a more rangebound environment within the weekly range. Flipping $108,500 makes a weekly high retest probable IMO.
I do believe that the geo-political aspect will play a role this week so volatility is expected.
Good luck this week everybody!
Note
There is the 0.75 orderblock retest, looks like a sweep of supply then falling down to midpoint support.Gut feeling is unless something drastic happens in the news world this week could be a directionless stalemate.
Note
I'm thinking between Mondays low and the 0.25 line would provide the first level of support.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.