Hey guys.
This is a weekly update on bitcoin.
In last week's review I expected a continuation of growth with a sideways breakout, which happened on Friday after the announcement of the Fed easing monetary policy in the fall.
Short term on 1H formed a consolidation, with pin bars on top, we need to watch for a break out of the sidewall. There is a possibility that supports will be tested.
If we look at the 4H and 1D timeframe, the price is above its EMAs, pushing to 65K, growth of open interest, support 63.5 - 62K, all this is a bullish setup for the continuation of growth, we should take into account the possible shaking out of extra hands with a return to the supports, at the moment everything looks medium-term that the price is going to return to the 67-70K zone.
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On the senior 1W timeframe, price is in the middle of a sideways pattern with declining highs, you can't say this is a super bullish setup. So yes we are likely to go higher to the upper boundary of 68-69 maybe 70-71 where there will be position taking and we may get a pullback again. No one can say how long the range will last.
The areas that are saturated with liquidations and to watch for, may be tested are 62K and 67K.
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Stay tuned.
