26/08/24 Weekly outlook
Last weeks high: $64,969.66
Last weeks low: $57,798.14
Midpoint: $61,383.90
Another week has passed in the crypto world and another week of Bitcoin recovery. Now hovering around $64,000 zone after a battle around the range Midpoint which was also the 4H 200EMA, BTC has flipped bullish on all major MA's and is looking to target the '21 ATH which has historically been the area where BTC has struggled in the last few months.
With the US presidential election nearing and the FED rate cuts approaching even sooner, there are a lot of significant FA factors to consider. I think most people were under the impression that the ETF's and the halving would have more of an instant impact on price, we have seen a rally for the BTC ETF but that classic post halving boost has not yet panned out. It does have the feeling of all stars are aligning in the coming months to push through that ~70k resistance and enter price discovery. Current sentiment is mostly pure boredom and that has lead to impulse moves in the past.
For now I think the important places to look are in the altcoin space, having been decimated in the last few months now is a good time to seek out strong fundamental projects that are looking to lead the way for the next year or so. The altcoin season index is currently @ 22/100 indicating that the market is heavily Bitcoin dominated, suggesting that altcoins need to play catch-up and will outperform BTC by doing so.
Last weeks low: $57,798.14
Midpoint: $61,383.90
Another week has passed in the crypto world and another week of Bitcoin recovery. Now hovering around $64,000 zone after a battle around the range Midpoint which was also the 4H 200EMA, BTC has flipped bullish on all major MA's and is looking to target the '21 ATH which has historically been the area where BTC has struggled in the last few months.
With the US presidential election nearing and the FED rate cuts approaching even sooner, there are a lot of significant FA factors to consider. I think most people were under the impression that the ETF's and the halving would have more of an instant impact on price, we have seen a rally for the BTC ETF but that classic post halving boost has not yet panned out. It does have the feeling of all stars are aligning in the coming months to push through that ~70k resistance and enter price discovery. Current sentiment is mostly pure boredom and that has lead to impulse moves in the past.
For now I think the important places to look are in the altcoin space, having been decimated in the last few months now is a good time to seek out strong fundamental projects that are looking to lead the way for the next year or so. The altcoin season index is currently @ 22/100 indicating that the market is heavily Bitcoin dominated, suggesting that altcoins need to play catch-up and will outperform BTC by doing so.
Note
BTC completely blew through the Midpoint of the range and is now almost at range low.
This is disappointing but it's in character for how BTC has been behaving, relentless chop.
1D & 4H 200EMAS now lost but RSI is in oversold from 4H TF or less. Would like to see a bounce soon from here/ range low to midpoint but it's not a given.
Note
Back above the 1D 200EMA, less than 12 hours to go until close. Note
Bitcoin has been climbing ever since the start of the US session. Now approaching the midpoint where BTC should face big resistance. Lets see how this plays out.Note
0.25 line showing clear resistance.
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