Bitcoin Technical Analysis Update - Week 37
After last week's big sell-off, Bitcoin is now in a range. Could this be the perfect time for an alt season? Let's see what BTC has in store for us this week.
Summary
Previous Analysis
VPVR & POC
Fibonacci Levels
Weekly Close
Fear & Greed Index
Weekly Plan
6.1 First scenario
6.2 Second scenarioOverall
BTD 🔥
Previous Analysis
In my last Bitcoin technical analysis, I shared theses ideas for the previous week. Instead of these potential consolidations, Bitcoin offered us a wonderful sell-off with a day of more than -10%.
Since that fall, Bitcoin has been trading in a range between $44,500 and $47,400. Is this the new local support? Let's see what this week has in store for us.
VPVR & POC
The current POC is close from the mid-range at $46,412. Last breakout attempt yesterday was followed by small dump to the range-low. This price action did not surprise me at all as this is often what happens when we are in a range and especially when we are close to the weekly close.
Fibonacci Levels
The 0.618 fib level failed to hold and b tried to find support on the next fib at $46.850 (0.5 fib) but it was also unable to hold the selling force and is now acting as a resistance. This is the area (between this fib and the POC) that the bears want to keep under control.
Weekly Close
This is the area to hold on the weekly chart. As long as bulls can manage a new weekly close above, I’m absolutely no worry about this Bitcoin’s price. If we close below, I’ll change my strategy, for now I’m still bullish AF.
Fear & Green Index
Last week, I warned you about the Fear & Greed Index. We were in “Extreme Greed” for the time in a while and this indicator was once again not lacking in precision because as I said and you saw, we had a sell off.
We’re now back in “Fear”, and as I tell you every time, sell when people are greedy and buy when they are fearful. So, you know what you have to do. Q4 will be huge.
Weekly Plan
First scenario:
Range low hold and Bitcoin bounce from here to the mid-range/POC
Consolidation below followed by a strong breakout (with volume)
Upward continuation to range-high
Second scenario:
Range-low failed to hold, bounce from local support bellow with bearish retest
Downward continuation with a potential wick to $41,000 before a real bull action to mid-range
Overall,
in my last Bitcoin technical analysis, I talked about the $50,000 level as key support. Well, I’m honest with you, tis was a mistake, I can’t turn “bearish” right now even if we’re back to the mid-40’s.
I think, we already hab the big dump (in may), this one is a simple correction. It was a hard dump, yes but when you see all theses alts printing new ATH like LUNA or AVAX for example, you can’t be in a bear market. Buy The Dip. And this is the perfect transition to tell you about the new project with Gaurav!
BTD (Buy The Dip) 🔥
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