04/09/23 Weekly outlook
Last weeks high: $28152.7
Last weeks low: $26737.6
Midpoint: $25322.5
When compared to last weeks outlook, we had what basically looked like a heartbeat monitor in price action. A flatline with a big pulse in the middle of the week from the midpoint then to weekly low, then high then straight back to the midpoint.
Now when looking at the previous weeks price action it's very similar only the price action is hugging the 0.25 line before a huge pump on the news of the Greyscale win against the SEC, we fully retraced and some to print the low of the week.
From a macro perspective, I am still bearish for the time being until proven otherwise, that would be if we finally take out 32.5k convincingly. On the higher time frames we have a lower high and lower low structure, textbook bearish. Not only that, what worries me is how quickly we are retracing good news pumps. Big money seems to lack conviction at this point so for now pumps are for fading. I still think we see 19K again by the end of the year.
September follows a similar historical return as August, generally negative when not in a bullrun year. For now I'm just monitoring, If I'm looking to go short I would do so on a swing fail pattern of the midpoint.
Last weeks low: $26737.6
Midpoint: $25322.5
When compared to last weeks outlook, we had what basically looked like a heartbeat monitor in price action. A flatline with a big pulse in the middle of the week from the midpoint then to weekly low, then high then straight back to the midpoint.
Now when looking at the previous weeks price action it's very similar only the price action is hugging the 0.25 line before a huge pump on the news of the Greyscale win against the SEC, we fully retraced and some to print the low of the week.
From a macro perspective, I am still bearish for the time being until proven otherwise, that would be if we finally take out 32.5k convincingly. On the higher time frames we have a lower high and lower low structure, textbook bearish. Not only that, what worries me is how quickly we are retracing good news pumps. Big money seems to lack conviction at this point so for now pumps are for fading. I still think we see 19K again by the end of the year.
September follows a similar historical return as August, generally negative when not in a bullrun year. For now I'm just monitoring, If I'm looking to go short I would do so on a swing fail pattern of the midpoint.
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