Bitcoin has been consolidating and trading sideways for the last few months creating a fixed value range between approx $71k and $63k with a range POC around $67,500.
I am looking at 2 potential trade scenarios for the upcoming week for both bearish and bullish cases.
As we are currently at a crucial level bouncing off the VAL at $63,300, I would like to see if the bulls can change the trajectory of the current downtrend by first reclaiming the next psychological price of
65K and pushing into the range POC between $67,500-$68k. This price range is probably the most important upcoming as Bitcoin would need to find support above the POC to bring prices higher. If not, a rejection at the POC would be a good short signal for lower continuation of the current downtrend back into the $50k S/R flip, which also constitutes a massive fair value gap.
Given that Bitcoin is now influenced by the moves in other major markets, it's probable that we will follow the trend on the ES and NQ which are currently moving higher due to low levels of liquidity and volume. However, these situations can turn around very quickly if volume begins to pick up, or major profit taking commences as the SPY has just hit 550; a level many economists have been predicting as the end of year price point.
Only time will tell!
I am looking at 2 potential trade scenarios for the upcoming week for both bearish and bullish cases.
As we are currently at a crucial level bouncing off the VAL at $63,300, I would like to see if the bulls can change the trajectory of the current downtrend by first reclaiming the next psychological price of
Given that Bitcoin is now influenced by the moves in other major markets, it's probable that we will follow the trend on the ES and NQ which are currently moving higher due to low levels of liquidity and volume. However, these situations can turn around very quickly if volume begins to pick up, or major profit taking commences as the SPY has just hit 550; a level many economists have been predicting as the end of year price point.
Only time will tell!
Note
Breaking down below the Value Area LowClause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.