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CRYPTO MECHANIC
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Bitcoin Weekly Market Review: Range Still in Play
For the past few weeks, since the war started, I’ve been saying the same thing: “The market is headline-driven.” And that hasn’t changed.
Anyway, let’s jump straight into the charts.
BTCUSD (Weekly)
Last week, we discussed that Bitcoin gave a strong weekly close above $71,300, and as long as price held that level, we could expect a move toward $77K–$78K. Price went up to $76K falling just $1,000 short of our target. I don’t want to call it a win since it didn’t fully hit the target lol.
Anyway, what’s next?
I want to keep this update short because there’s not much to update.
The weekly chart closed back inside the range. As long as price doesn’t reclaim $71,300, the chart doesn’t look good. Bears remain in control, and price can even move back toward the range lows.
BTCUSD (Daily)
The daily chart is still holding higher lows as long as it stays above $65K, so bulls still have some hope.
Personally, if I want to buy Bitcoin, I’d wait for price to either reclaim $71,300 or drop back to the range lows. I’m not going to trade in between because nothing is clear.
Bitcoin Range
Bitcoin has been trading within a range since it marked the low around $60K.
We’ve seen multiple taps and fake-outs at the range highs, while the range low has only been tested once. If price fails to reclaim $71,300, I wouldn’t be surprised to see a move back toward the range lows and that’s where I’ll be looking for buy setups.
So the plan is simple:
Buys above $71,300 or at the range lows.
That’s it for this week’s update.
Anyway, let’s jump straight into the charts.
BTCUSD (Weekly)
Last week, we discussed that Bitcoin gave a strong weekly close above $71,300, and as long as price held that level, we could expect a move toward $77K–$78K. Price went up to $76K falling just $1,000 short of our target. I don’t want to call it a win since it didn’t fully hit the target lol.
Anyway, what’s next?
I want to keep this update short because there’s not much to update.
The weekly chart closed back inside the range. As long as price doesn’t reclaim $71,300, the chart doesn’t look good. Bears remain in control, and price can even move back toward the range lows.
BTCUSD (Daily)
The daily chart is still holding higher lows as long as it stays above $65K, so bulls still have some hope.
Personally, if I want to buy Bitcoin, I’d wait for price to either reclaim $71,300 or drop back to the range lows. I’m not going to trade in between because nothing is clear.
Bitcoin Range
Bitcoin has been trading within a range since it marked the low around $60K.
We’ve seen multiple taps and fake-outs at the range highs, while the range low has only been tested once. If price fails to reclaim $71,300, I wouldn’t be surprised to see a move back toward the range lows and that’s where I’ll be looking for buy setups.
So the plan is simple:
Buys above $71,300 or at the range lows.
That’s it for this week’s update.