Hey guys.
This is a weekly review of bitcoin.
Last time we talked about the price pushing to the 64-65K zone and possible continuation of growth with 67-68 targets. Last week the price was able to reach 66.4K and I partially traded this move.
The ETFs market closed the week with one of the best values with inflows of 1.1 billion, but despite this the current week started with a correction, currently Tuesday the price is trading -4% from last week's high.
Onchain metrics do not show any abnormal activity all within the average values, the balance of exchanges is still low.
On the chart, the price is back in the 64-63K range and the local support to watch for is now 62K, if it is broken, the price will quickly return to the 60K zone. To say that the bearish momentum is lost and we are rising again, the price should be bought back above 65.5K. The price has broken the rising trend line.
At this point, the leverage ratio of all trading participants is at its maximum and it would be a big surprise to everyone if bitcoin continues its downtrend by testing the 67-68K zone. Locally, I think we will be trading in the 60-66K range for some time. The place now for medium-term trading is not the best, but there is no reason to say that we are turning around and will fall, we can try to pick up with targets to renew local highs, at least I will act like this and look for an entry point.
I think that before the elections in the USA the market will be kept from sharp movements and we should enter on the date of elections plus minus on the positive. It is also worth remembering that October is one of the best months of the year for bitcoin and the entire crypto market, and for the last 5 years October shows 100% seasonal dynamics.
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Stay tuned.ย
