It’s time to write the Weekly Review. This week has been one really volatile, as BTC rallied to around 45k$ before retracing again to 39k$. What’s next?
I personally think that this is the time when we set the final trend. Yes, I know how inexact this can be. But I really think we’re at an inflection point on higher timeframes, as I’ve already shown in my last HTF post. I’m still bullish even though we were not able to break the current resistance at 45k$.
We haven’t seen any considerable dip since the swing high, another reason why my opinion is that the start of this week will decide how markets will move.
Anyway, the chart shows how a retrace to around 41.2k$ is probable, and, if we break that level, we should touch 43.3k$.
In a bearish scenario, we would go below this already touched 38.3k$ nPoC (naked Point of Control) and test the one at 35.6k$.
Lastly, I also think that next week will be interesting because CPI (Consumer Price Index) data is coming on Thursday, something that I’ll probably cover in the next Fundamental Fridays section.
In conclusion, I’m still bullish despite the rejection of the 45k$ resistance. I hope you enjoyed the post and stay tuned for the next one!