Last weeks high: $123,220.24
Last weeks low: $115,718.15
Midpoint: $119,469.19
New BTC ($123,220) & SPX ($6,315) ATH last week! We're really seeing progress being made on all fronts now, bitcoin saw its sixth week of net inflows into BTC ETFs ($2.39B).
The week began strong hitting the new ATH very early and then settled into a tight range to cool off. Altcoins however surged in relation to BTC to break out of HTF downtrends and begin to make up lost ground. One of the beneficiary's of this price movement has been ETH, breaking out from a multi year downtrend against BTC and hitting $3,800 in its USD pair.
For this week I do expect much of the same for BTC as momentum is with altcoins for now. However, as those altcoins reach HTF resistance levels it becomes very important for Bitcoins chop to be accumulation for the next leg up and not distribution for the way down. With so few pullbacks the threat of a sudden correction is present but the probability drops should BTC look to press higher with strong demand.
The ECB Interest rate decision takes place on Thursday but no changes to the 2.15% rate is forecast. In terms of news there are no planned upsets that I can see.
Good luck this week everybody!
Last weeks low: $115,718.15
Midpoint: $119,469.19
New BTC ($123,220) & SPX ($6,315) ATH last week! We're really seeing progress being made on all fronts now, bitcoin saw its sixth week of net inflows into BTC ETFs ($2.39B).
The week began strong hitting the new ATH very early and then settled into a tight range to cool off. Altcoins however surged in relation to BTC to break out of HTF downtrends and begin to make up lost ground. One of the beneficiary's of this price movement has been ETH, breaking out from a multi year downtrend against BTC and hitting $3,800 in its USD pair.
For this week I do expect much of the same for BTC as momentum is with altcoins for now. However, as those altcoins reach HTF resistance levels it becomes very important for Bitcoins chop to be accumulation for the next leg up and not distribution for the way down. With so few pullbacks the threat of a sudden correction is present but the probability drops should BTC look to press higher with strong demand.
The ECB Interest rate decision takes place on Thursday but no changes to the 2.15% rate is forecast. In terms of news there are no planned upsets that I can see.
Good luck this week everybody!
Note
Rejection off the midpoint again, continued chop with slowing of momentum in altcoins. Is this accumulation for the next leg up or is it distribution and a cooling off phase? Neither is clear just yet so keeping a close eye on it for now.
Note
BTC in a state of balance moving between 0.25 & midpoint. Altcoins pulling back during this phase after hitting HTF resistance levels.
Note
Weekly Low swept and for now reclaimed. Should be an interesting weekend and weekly close ahead.
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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.