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#btcusd - bitcoin
comment: Can’t be anything but bullish. Weekly chart is clear as day and we are in the third leg up.
current market cycle: bull trend inside a big bull wedge and we are close to the top
key levels: 85k - 100k (if bears somehow manage to get below 85k again, we test 80k next)
bull case: Upside will likely be limited to something below 120000 but bulls are in full control until we print below a higher low again. Bulls want 110000 and then some. It’s a clear bull wedge and longs above 100000 are tough because stop has to be at least 97000. It looks like we could accelerate up and get to 110000 faster but betting on it is a bad strategy. Any decent pullback to 100000 or 98000 will most likely be bought.
Invalidation is below 96000.
bear case: Bears can scalp this at best but tough way to make a living. They are not doing much because most will wait for a new ath or at least let the market get closer to 109000 and see better selling pressure. We are at the top of a potential channel up but until bears print something below 102000 again, it would be gambling to hope for a better pullback to sell.
Invalidation is above 112000.
short term: Bullish but buying at the very top is tough. Any long 100000 or 98000 is likely good, if it’s not during a crazy strong bear spike.
medium-long term - Update from 2025-05-11: I expect a trading range 700000 - 100000 for longer. The current move above 100000 I see as a retest of the ath and it could overshoot but I doubt market can find acceptance there for longer. Only interested in shorts on anything above the 1h time frame.
#btcusd - bitcoin
comment: Can’t be anything but bullish. Weekly chart is clear as day and we are in the third leg up.
current market cycle: bull trend inside a big bull wedge and we are close to the top
key levels: 85k - 100k (if bears somehow manage to get below 85k again, we test 80k next)
bull case: Upside will likely be limited to something below 120000 but bulls are in full control until we print below a higher low again. Bulls want 110000 and then some. It’s a clear bull wedge and longs above 100000 are tough because stop has to be at least 97000. It looks like we could accelerate up and get to 110000 faster but betting on it is a bad strategy. Any decent pullback to 100000 or 98000 will most likely be bought.
Invalidation is below 96000.
bear case: Bears can scalp this at best but tough way to make a living. They are not doing much because most will wait for a new ath or at least let the market get closer to 109000 and see better selling pressure. We are at the top of a potential channel up but until bears print something below 102000 again, it would be gambling to hope for a better pullback to sell.
Invalidation is above 112000.
short term: Bullish but buying at the very top is tough. Any long 100000 or 98000 is likely good, if it’s not during a crazy strong bear spike.
medium-long term - Update from 2025-05-11: I expect a trading range 700000 - 100000 for longer. The current move above 100000 I see as a retest of the ath and it could overshoot but I doubt market can find acceptance there for longer. Only interested in shorts on anything above the 1h time frame.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.