Last weeks high: $27490.1
Last weeks low: $26897.7
Midpoint: $26305.4
Despite several big news events relating to the FED funds rate, CPI & PPI, we saw a much tighter range last week than the week previously.
We're already trading lower than last weeks low and confirmed as resistance with a bearish retest.
It is interesting that the news events that used to give us such volatility are now barely noticeable on the chart at all. This leads me to believe we're in the later stages of the bear market, where the speculative investors traders are no longer interested, the market makers are not interested in trading news events that are risky and therefore we have almost a stalemate in price action.
When an asset like BTC fails to have buy side pressure/volume then price will naturally creep lower to find buyers, this is basic supply and demand and the reason for my prediction that we'll see a retest of that yearly open price around 19k in my opinion. By that point smart money will look to catapult BTC back towards ATH over the next couple of years. Survive the next 6-9 months and the patient shall be rewarded, we see it with every cycle.
Last weeks low: $26897.7
Midpoint: $26305.4
Despite several big news events relating to the FED funds rate, CPI & PPI, we saw a much tighter range last week than the week previously.
We're already trading lower than last weeks low and confirmed as resistance with a bearish retest.
It is interesting that the news events that used to give us such volatility are now barely noticeable on the chart at all. This leads me to believe we're in the later stages of the bear market, where the speculative investors traders are no longer interested, the market makers are not interested in trading news events that are risky and therefore we have almost a stalemate in price action.
When an asset like BTC fails to have buy side pressure/volume then price will naturally creep lower to find buyers, this is basic supply and demand and the reason for my prediction that we'll see a retest of that yearly open price around 19k in my opinion. By that point smart money will look to catapult BTC back towards ATH over the next couple of years. Survive the next 6-9 months and the patient shall be rewarded, we see it with every cycle.