Last weeks high: $44745
Last weeks low: $42371
Midpoint: $39998
BITCOIN reaches just shy of $45K in what has been a huge continuation of the bullish trend we've experienced all of this year. A pattern I have noticed and one that can usually be seen in market environments similar to this is:
1. Strong move, usually only a few candlesticks.
2. Consolidation, sideways movement at new level.
3. Repeat first two steps.
With each step up, consolidation is getting longer and the rally shorter which shows the market is running out of people willing to go long at this price as selling pressure increases drastically.
At the time of writing priced has fallen 7% as the new week has started, with a new lower low, printing a new lower high could show the trend shifting towards short term bearish.
This would be healthy for a week or two in my opinion as there hasn't been a healthy correction for a while, 32.5K retest is the obvious place for price to want to retest as new support, this would also be bad for alts as leverage gets flushed out potentially. Now if BTC stagnates the altcoins will have a chance to run as profits flow into altcoins. The range midpoint is a very important level that will determine short term direction.
Last weeks low: $42371
Midpoint: $39998
BITCOIN reaches just shy of $45K in what has been a huge continuation of the bullish trend we've experienced all of this year. A pattern I have noticed and one that can usually be seen in market environments similar to this is:
1. Strong move, usually only a few candlesticks.
2. Consolidation, sideways movement at new level.
3. Repeat first two steps.
With each step up, consolidation is getting longer and the rally shorter which shows the market is running out of people willing to go long at this price as selling pressure increases drastically.
At the time of writing priced has fallen 7% as the new week has started, with a new lower low, printing a new lower high could show the trend shifting towards short term bearish.
This would be healthy for a week or two in my opinion as there hasn't been a healthy correction for a while, 32.5K retest is the obvious place for price to want to retest as new support, this would also be bad for alts as leverage gets flushed out potentially. Now if BTC stagnates the altcoins will have a chance to run as profits flow into altcoins. The range midpoint is a very important level that will determine short term direction.
FOMC also takes place tomorrow, expect whipsawing and stop loss hunting.