Hey guys.
This is the weekly bitcoin review.
Last time I said I was leaving some of my position in the market and would wait to see where the price goes. In fact I closed my entire position around 62K, total P/L around 20% with a little leverage.
Last week the Fed cut the key rate by 50 BP, statistically there is a pullback a few days after the meeting and now the market is following that pattern. But overall I like the way bitcoin is holding up, and the price reached 64.5K over the weekend.
On chain metrics are not showing any clear signals, everything is at average values.
The spot ETFs market saw inflows totaling about 400 million last week.
Technically, the week closed bullish.
On the daily chart, things are still looking good, with price consolidating above the downtrend, and pushing up to the 65-65.5K resistance. We should realize that we are in the zone of unloading and profit taking and this is not a good place to trade with shoulders. The price has drawn a pin bar on the hourly chart with clusters in the upper boundary and this may be a signal for a potential correction. Does it mean that the upside is over? I think not, and we can go higher, but the question is how to trade it if we talk about trading, if we talk about investing or DCA approach, but here it is simple.
What am I doing at the moment? I am looking at the formation of the price structure around 64-65K. As well as the dynamics of open interest. I think that in this zone we will see the formation of a comb for some time, and the exit from this formation will give a signal to the deal, it can be a breakdown or a false breakdown of the lower boundary.
Priority to Long, but corrections to local supports can give opportunities for short-term trading, for example, a test of the 60K zone is possible.
More medium-term, I think we can test the 67-68K zone, and then we will have to look at the situation.
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