03/06/24 Weekly outlook
Last weeks high: $70,741.40
Last weeks low: $68.714.79
Midpoint: $66,688.18
As we enter the Midway point in the calendar year BTC finds itself continuing to battle its '21 ATH. For many weeks now we've seen this key S/R level flipping from support to resistance and vice versa, will we finally see a breakout move above this week?
Although for the last few weeks the general attention has been focused on the ETH ETF, now that that is over and had a bullish turnout the market is looking for BTC to lead the way. Price is now above the 4H 200EMA, Post-halving supply shock effecting tokenomics positively in terms of supply and demand and currently breaking down the previous cycles high. Given all that in mind I think the patient will be rewarded as I think when BTC does get a clear run, most likely when Greyscale stop selling at a rate that causes outflows to overcome inflows. Top buyers sell pressure is relieved as holders who were underwater all bear market sell their positions and give way to buyers with high conviction. Then we will see BTC target 80K, only a matter of time.
This week I am focusing on BTC strength and signs of a breakout, I would say that once BTC breaks out, ETH will break above
4K and target ATH @ 4.8K. Things to look out for is any US news that could effect the markets; law making, Veto's etc.
Hopefully you had a good first half of 2024 and good luck for the second half!!
Last weeks low: $68.714.79
Midpoint: $66,688.18
As we enter the Midway point in the calendar year BTC finds itself continuing to battle its '21 ATH. For many weeks now we've seen this key S/R level flipping from support to resistance and vice versa, will we finally see a breakout move above this week?
Although for the last few weeks the general attention has been focused on the ETH ETF, now that that is over and had a bullish turnout the market is looking for BTC to lead the way. Price is now above the 4H 200EMA, Post-halving supply shock effecting tokenomics positively in terms of supply and demand and currently breaking down the previous cycles high. Given all that in mind I think the patient will be rewarded as I think when BTC does get a clear run, most likely when Greyscale stop selling at a rate that causes outflows to overcome inflows. Top buyers sell pressure is relieved as holders who were underwater all bear market sell their positions and give way to buyers with high conviction. Then we will see BTC target 80K, only a matter of time.
This week I am focusing on BTC strength and signs of a breakout, I would say that once BTC breaks out, ETH will break above
4K and target ATH @ 4.8K. Things to look out for is any US news that could effect the markets; law making, Veto's etc.Hopefully you had a good first half of 2024 and good luck for the second half!!
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