17/04/23 Weekly outlookLast weeks high: $31062.6
Last weeks low: $29603.2
Midpoint: $28143.7
Having missed last weeks outlook (10/04) We had a very interesting week. Price rising to new local highs of 31k, before dropping back towards the 1H 200EMA nearer the midpoint of the weekly range all whilst respecting the quarterly ranges very accurately.
The week has begun with a sharp decline off the 0.75 line towards the 1H 200EMA just above the midpoint. For me, losing the 200ema would be bad for the bulls, it's evident right now that the bulls are trying to defend that position and so far are doing it well. Personally I'm looking for a reaction to the bullish Orderblock that's in the middle of the 0.25 - 0.5 line. Clearly there are some big long positions in that area that need defending/Adding to. It's also at the top of the previous mini range that lasted for a couple of weeks.
My prediction would be: lose the 1H 200EMA --> react off the bullish OB --> retest 1H 200EMA as resistance and that's then key to both sides. If resistance is confirmed last weeks low is the next battleground, but of the 1H 200EMA is reclaimed I could see a push up to the all important 32.5k.
Could be wrong but those are just my thoughts and perspective on things for this week.
