Hey, guys,
this is the weekly bitcoin update.
In the last update we traded around 70k and talked about the bullish scenario remaining, but possible tests of 67, 65 and 63k supports, locally the price was in a rectangular consolidation and after its breakdown we saw a test of 65k level, from where the price was bought back.
At the moment I still believe that the growth will continue.
Locally, the price broke through the downtrend today and is coming out of the consolidation. The nearest targets are 75 and 79 thousand. Bitcoin likes to make false breakdowns with the test of supports, so do not be surprised if we will test 65 and 67 thousand again.
Cancel scenario is still below 60k, as long as we are above this support, we should work from buying.
The events this week that the market is watching, and may lead to volatility, is Wednesday April 10, where the US inflation data will be released, the consensus market forecast is that inflation will rise to 3.4%, which is negative and may give a moderate correction in the market, if the data comes out worse than forecast, we may see a local panic, but the drawdowns will be recouped and corrections can be used for good entry points. DYOR.
Stay tuned.
