#BTC || What can we expect for Bitcoin the coming weeks?
New week. New weekly chart. A top down analysis. Last week we broke a major range from a high timeframe breaker block. This was also my reasoning for buying alts at that time. The pinbar reaction strenghtened my bias.
Currently we are trading within a weekly fair value gap. The longer term reaction remains to be seen. My target would be that weekly bearish order block as long as daily bullish structure remains intact. The daily bullish order must hold for daily trend to stay intact.
I highlighted all the breaks of structure. This is a continuation of trend. In this case it's a bullish structure. If 26.5k holds and we break the most recent high we are still in uptrend. Loose 26.5k and the markt shifts structure in the short term.
It can drop as low as 24.3k for the market to be still in uptrend on the daily timeframe. This might even be our new range. If BTC setlles in this area and trades sideways, alts have room to catch up.
If this helped in anyway: like and share!
