12/06/23 Weekly outlook

12 juin 2023

Last weeks high: $27401.2
Last weeks low: $26363.7
Midpoint: $25326.2

A massive week in the markets this week:

Tuesday - US inflation data to be released tomorrow (Inflation rate YoY, MoM and core inflation YoY.)

Wednesday - PPI MoM, FED interest decision, FOMC economic projections & FED conference.

Thursday - Initial jobless claims & US retail sales

All these events happening so closely together signals huge volatility to be expected. This coupled with the SEC news the crypto space is balancing on a knife edge. We've already seen alts bleed extensively but BTC and even ETH have yet to seen similar sell-offs. Perhaps we will see it this week.

As it stands price is near last weeks low, with the incoming volatility I think we can safely assume that price will break lower, it's a question of how far below it will go.

15 juin 2023

Note

Thanks to the big news events that have taken place this week, BTC's price bounced off last weeks midpoint before plunging lower. Now that we've lost last weeks bottom I expect further drawdown to follow.

16 juin 2023

Note

Price has filled the inefficiency created by the large drop on Wednesday meaning we are now free to go lower, my guess would be towards the 24k area testing diagonal support. Losing that, local lows around 20k.

In support of a bullish bias we have reclaimed the previous weeks low, however unless the midpoint is regained it's not looking to good.