$BTCUSD - Week ahead outlook
Hi guys! 👋🏻
🔔 There were three major events that supercharged the uptrend of Bitcoin and other cryptocurrencies. The FOMC statement played a key role as after the release safe-haven assets gained against the US Dollar, the other two are Ilon Musk and his Twitter account bio and a new wave of Wall Street threat also referred to as Reddittors.
🔔 The influx of traders resulted in malfunction in a popular trading app Robinhood, several other brokers alongside with crypto-currency exchanges halted deposits and new account registrations. Adding fuel to the fire, Ilon Musk and Reddit’s co-founder Alexis Ohanian tagged Bitcoin in their profile bio, resulting in a 10% surge on January 28 and another 15.25% on January 29.
🔔 Bitcoin is currently above the dynamic resistance, above the EMA50, although below two major Moving Averages, MA100 and MA200.
🔔 The volatility is currently low, and it looks like that the market is awaiting an opening of the new financial week There might be a slight panic and sellers may bring down the Bitcoin price to the support at $32200 where there will be another attempt of an uptrend or buyers will push the price above MA100 and MA200 brea the resistance at $34440 and proceed to $37900 and to $39600 above that. The uptrend is also supported by the Fibo 0.618 level of the last correction, however there are no clear signs of a new impulse at this point.
🔔 If the price hits the $37900 and is rejected, Bitcoin will consolidate, and if the downtrend from that resistance is high look for a formation of a harmonic Gartley pattern (yellow).
🔔 As the pattern formation is theoretical it clearly outlines support and resistances during the current price action, taking into account the fact that after the test of Fibo 0.618 level, Bitcoin didn’t show an impulse yet.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 There were three major events that supercharged the uptrend of Bitcoin and other cryptocurrencies. The FOMC statement played a key role as after the release safe-haven assets gained against the US Dollar, the other two are Ilon Musk and his Twitter account bio and a new wave of Wall Street threat also referred to as Reddittors.
🔔 The influx of traders resulted in malfunction in a popular trading app Robinhood, several other brokers alongside with crypto-currency exchanges halted deposits and new account registrations. Adding fuel to the fire, Ilon Musk and Reddit’s co-founder Alexis Ohanian tagged Bitcoin in their profile bio, resulting in a 10% surge on January 28 and another 15.25% on January 29.
🔔 Bitcoin is currently above the dynamic resistance, above the EMA50, although below two major Moving Averages, MA100 and MA200.
🔔 The volatility is currently low, and it looks like that the market is awaiting an opening of the new financial week There might be a slight panic and sellers may bring down the Bitcoin price to the support at $32200 where there will be another attempt of an uptrend or buyers will push the price above MA100 and MA200 brea the resistance at $34440 and proceed to $37900 and to $39600 above that. The uptrend is also supported by the Fibo 0.618 level of the last correction, however there are no clear signs of a new impulse at this point.
🔔 If the price hits the $37900 and is rejected, Bitcoin will consolidate, and if the downtrend from that resistance is high look for a formation of a harmonic Gartley pattern (yellow).
🔔 As the pattern formation is theoretical it clearly outlines support and resistances during the current price action, taking into account the fact that after the test of Fibo 0.618 level, Bitcoin didn’t show an impulse yet.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Nothing is true, everything is permitted.
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