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Summary: We think BTC will likely fluctuate within the 9k – 10.5k range this coming week. The fundamentals are looking more bullish compared to last week. From the technical analysis perspective, we believe we are at key support, with a 0.4-0.5k bear trap zone beneath.
Key Fundamentals: 1. Smart money action: We are now seeing pickups in the on-chain smart money actions. With on-chain vol finding support and stabilizing, we are bullish for the long term. 2. Miner action: Both hash rate and difficulty are recovering, and miner capitulation is ending. With miner capitulation historically marking market bottoms, this is a bullish long-term sign. 3. Overall Market Sentiment: Overall market sentiment is quite rational right now with not much bias. 4. Seller Group Only Market Sentiment: Selling in profit and in bull trend. We picked up alerts of decreasing selling pressure a few days ago, and this is bullish for the short term. 5. Margin Market Actions We have a potential for short squeeze. This is bullish for the short term. 6. SPX impact: See the ideas linked at the bottom.
Key Technicals: 1. Strong support at trendline crossover 2. Target: 10.5k for this week 3. Wave developments: We’ll likely keep on developing wave4 this week, fluctuating between 9k – 10.5k. 4. Oscillators at key support
What’s your view on the week ahead? Do you agree or disagree? All thoughts and critics are welcomed!
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This is how we tie TA and FA together!
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Another drop likely in the short-term. We are still bullish for the long-term and accumulating whenever we can. Check out the details below:
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BTC is so far moving as planned. Currently, it's at a critical moment. The 2D RSI needs to move above its MAs for a continued BTC bull trend.
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BTC remains in a bullish trend and we are currently at a level of great risk-reward setup. See the update below from both fundamental and the technical perspectives.