Overview of crypto market:
We descended into chaos these last couple months across the crypto markets and its been a while since I last posted an update so thought it post one with a weekly outlook to remove the market noise and focus on the HTF intension.
From the lasts post I done I was expecting to see BTC maintain a HH and HL formation as we come into the $42K area. However, we continued the bearish momentum with both USDC and USDT dominance increasing, maintaining their uptrends and extracting money out of the market and into stables.
At this point I feel like we are ranging between the lower and upper limits of price ($28k - $65K), the sustained move to the lower range has been very corrective and not impulsive like the May crash so I do feel like we could be accumulating for a move to a new ATH coming this year but only time will tell and the decisional will be at the low of this range.
There was a CME gap around $32K, these gaps usually get filled and there are more below the $28K level but also one near $55K. This CME gap also happens to be a supply to demand flip on the daily where price consolidated in the last supply zone and then flipped it, making it the origin of the move that broke the range which adds nice confluence.
From here I think we could still expect to see some lower prices on BTC and the rest of the market as a result. Definitely think the range low of $28K is possible and maybe even a takeout of this level to liquidate stop losses of longs before feeling a move higher.
My bias hasn’t changed and im still bullish unless we close below the range low and demand fails. I expect price to range in this 1W demand zone and will be looking for signs of Wyckoff accumulation.
We descended into chaos these last couple months across the crypto markets and its been a while since I last posted an update so thought it post one with a weekly outlook to remove the market noise and focus on the HTF intension.
From the lasts post I done I was expecting to see BTC maintain a HH and HL formation as we come into the $42K area. However, we continued the bearish momentum with both USDC and USDT dominance increasing, maintaining their uptrends and extracting money out of the market and into stables.
At this point I feel like we are ranging between the lower and upper limits of price ($28k - $65K), the sustained move to the lower range has been very corrective and not impulsive like the May crash so I do feel like we could be accumulating for a move to a new ATH coming this year but only time will tell and the decisional will be at the low of this range.
There was a CME gap around $32K, these gaps usually get filled and there are more below the $28K level but also one near $55K. This CME gap also happens to be a supply to demand flip on the daily where price consolidated in the last supply zone and then flipped it, making it the origin of the move that broke the range which adds nice confluence.
From here I think we could still expect to see some lower prices on BTC and the rest of the market as a result. Definitely think the range low of $28K is possible and maybe even a takeout of this level to liquidate stop losses of longs before feeling a move higher.
My bias hasn’t changed and im still bullish unless we close below the range low and demand fails. I expect price to range in this 1W demand zone and will be looking for signs of Wyckoff accumulation.
