Bitcoin Market Outlook (W45/2024) // AlgoFyre
Bitcoin's weekly outlook indicates a potential bearish shift, marked by a failed auction and a possible head and shoulders pattern. A retest of the sell-side liquidity (SSL) zone may confirm further downside. Lower highs reinforce selling pressure, suggesting weakened bullish momentum.
🟢 Short-Term Outlook (Next Few Days to Weeks) - Bullish Scenario
🔸Key Support Zone: The price action shows a strong support level in the region around 74,415, marked as ATH 2024. This area is likely to act as a significant support if the price pulls back, providing a potential "retest and go" scenario.
🔸Potential Liquidity Grab: The SSL zone (Stop-Loss Zone) marked on the chart indicates a possible liquidity sweep. If the price dips into this zone and then rebounds, it could trigger buying pressure, leading to a bullish reversal.
🔸Bullish Wave Formation: The current structure shows the possibility of an Elliott Wave pattern, where a corrective ABC structure might complete near the SSL zone. Following this, a new bullish wave is likely to emerge, suggesting upward momentum.
🔸Higher Highs Expected: The outlined potential pathways for the price indicate a series of higher highs if the bullish scenario unfolds, aligning with continued bullish momentum towards and beyond the 76,000 level.
🔸Bullish Summary (TLDR):
🔴 Short-Term Outlook (Next Few Weeks to Months) - Bearish Scenario
🔸Possible Failed Auction: The current price structure shows signs of a potential failed auction near the top, suggesting that bullish momentum might be losing steam. This pattern often precedes a reversal as sellers start to dominate.
🔸Head and Shoulders Pattern: The chart displays a possible head and shoulders pattern, a classic bearish reversal signal. This could indicate a significant shift in market sentiment, with the potential for downward movement if this pattern completes.
🔸Sell Side Liquidity (SSL) Zone Retest and Breakdown Risk: The SSL (Sell Side Liquidity) zone is a key area of liquidity that could be revisited. If price breaks down after testing this zone, it could confirm a bearish scenario, with further downside expected as sellers take control.
🔸Lower Highs Formation: The recent highs are progressively lower, a typical bearish sign indicating that buying interest is weakening. This pattern suggests that the market may struggle to push higher, increasing the likelihood of a decline.
🔸Bearish Summary (TLDR):
🔶 Key Takeaway
Bitcoin's price action suggests a potential bearish reversal as sell-side liquidity (SSL) and a possible failed auction indicate weakening bullish momentum. A head and shoulders pattern and lower highs further support the likelihood of downward movement in the coming weeks.
🟢 Short-Term Outlook (Next Few Days to Weeks) - Bullish Scenario
🔸Key Support Zone: The price action shows a strong support level in the region around 74,415, marked as ATH 2024. This area is likely to act as a significant support if the price pulls back, providing a potential "retest and go" scenario.
🔸Potential Liquidity Grab: The SSL zone (Stop-Loss Zone) marked on the chart indicates a possible liquidity sweep. If the price dips into this zone and then rebounds, it could trigger buying pressure, leading to a bullish reversal.
🔸Bullish Wave Formation: The current structure shows the possibility of an Elliott Wave pattern, where a corrective ABC structure might complete near the SSL zone. Following this, a new bullish wave is likely to emerge, suggesting upward momentum.
🔸Higher Highs Expected: The outlined potential pathways for the price indicate a series of higher highs if the bullish scenario unfolds, aligning with continued bullish momentum towards and beyond the 76,000 level.
🔸Bullish Summary (TLDR):
- Key support around 74,415 could serve as a launchpad.
- SSL liquidity grab might trigger a bullish reversal.
- Potential Elliott Wave structure suggests upward momentum.
- Higher highs anticipated in the bullish scenario.
🔴 Short-Term Outlook (Next Few Weeks to Months) - Bearish Scenario
🔸Possible Failed Auction: The current price structure shows signs of a potential failed auction near the top, suggesting that bullish momentum might be losing steam. This pattern often precedes a reversal as sellers start to dominate.
🔸Head and Shoulders Pattern: The chart displays a possible head and shoulders pattern, a classic bearish reversal signal. This could indicate a significant shift in market sentiment, with the potential for downward movement if this pattern completes.
🔸Sell Side Liquidity (SSL) Zone Retest and Breakdown Risk: The SSL (Sell Side Liquidity) zone is a key area of liquidity that could be revisited. If price breaks down after testing this zone, it could confirm a bearish scenario, with further downside expected as sellers take control.
🔸Lower Highs Formation: The recent highs are progressively lower, a typical bearish sign indicating that buying interest is weakening. This pattern suggests that the market may struggle to push higher, increasing the likelihood of a decline.
🔸Bearish Summary (TLDR):
- Possible failed auction suggests weakening bullish momentum.
- Head and shoulders pattern points to a potential reversal.
- SSL zone retest may lead to further downside.
- Lower highs indicate waning buying interest.
🔶 Key Takeaway
Bitcoin's price action suggests a potential bearish reversal as sell-side liquidity (SSL) and a possible failed auction indicate weakening bullish momentum. A head and shoulders pattern and lower highs further support the likelihood of downward movement in the coming weeks.
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🔶 All content provided by AlgoFyre is for informational and educational purposes only.
🔶 Check out algofyre.com/linktree
🔶 Looking for custom indicators, strategies, or automation? Hire us at AlgoFyre.com
🔶 All content provided by AlgoFyre is for informational and educational purposes only.
🔶 New content every Wednesday!
🔶 Check out algofyre.com/linktree
🔶 Looking for custom indicators, strategies, or automation? Hire us at AlgoFyre.com
🔶 All content provided by AlgoFyre is for informational and educational purposes only.
🔶 Check out algofyre.com/linktree
🔶 Looking for custom indicators, strategies, or automation? Hire us at AlgoFyre.com
🔶 All content provided by AlgoFyre is for informational and educational purposes only.
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