Going over a weekly outlook today on what I’m seeing on Bitcoin. I have never been super confident of the run we have had from 15 to 30k over the 2023 market as it was super low on volume and we never saw the same level of participation as previous mini bull cycles, in other words this simply felt like a bear market relief rally.
Bitcoin has broken its trending market structure with a 100% retracement back to the 25k zone which isn’t really a bullish indication, the current rally head butting over head resistance around the 28-29k mark is showing signs of a descent supply block and will mark a lower high from the macro cycle putting in a second confirmation for a bearish trend.
Im expecting a rejection into this supply around 28k forcing sellers in maybe even after a liquidity run in that zone to wipe out retail before pulling it back down to the current neckline at 25k. Expecting to see this level ultimately fold and see an extension to the lower major levels at 20k. From here I will reassess the situation as I do believe we will see more effects on the crypto market from external influence, and those can spring up at any time, no point in predicting those events.
Going over a weekly outlook today on what I’m seeing on Bitcoin. I have never been super confident of the run we have had from 15 to 30k over the 2023 market as it was super low on volume and we never saw the same level of participation as previous mini bull cycles, in other words this simply felt like a bear market relief rally.
Bitcoin has broken its trending market structure with a 100% retracement back to the 25k zone which isn’t really a bullish indication, the current rally head butting over head resistance around the 28-29k mark is showing signs of a descent supply block and will mark a lower high from the macro cycle putting in a second confirmation for a bearish trend.
Im expecting a rejection into this supply around 28k forcing sellers in maybe even after a liquidity run in that zone to wipe out retail before pulling it back down to the current neckline at 25k. Expecting to see this level ultimately fold and see an extension to the lower major levels at 20k. From here I will reassess the situation as I do believe we will see more effects on the crypto market from external influence, and those can spring up at any time, no point in predicting those events.