$BTC Analysis For Beginners For Their Perfect Trade 💸📈
1. Since our range deviation below $60k, price was able to make its way back to range
highs as we got the ETH ETF news. Bitcoin made its way to the $71400 level before
finding resistance. We’re currently waiting for more developments on the ETF, but for
this week I do expect a major move into range highs, potentially forming a new ATH, but
no major breakout out of this range. For this summer, I do not think we will begin a
major run until later in August.
2. Now that the Halving is in, focus your power on any upcoming uptrends. It won’t be
anything instant but it could take weeks to month to begin really pushing.
My main scenarios for this week:
1) Look for a breakout of the triangle as we reclaim the $69200 level. A strong
reclaim of $69200 and later the $70k level could lead us to major levels at $71400
and $73600. The $75k level could be used as a major psychological level if we
step out of the range, forming a potential deviation. Speculative to say but this top
could align with the the ETH ETF rebalancing with Grayscale, which will bring
selling pressure.
2) If price consistently stays below the November 2021 ATH at $69200, then expect
a breakdown of $67000 and a move towards $64850 and $62500. This would
mostly invalidate the recent breakout and will let us consolidate more w within this
macro range.
5. I will be updating the charts and scenarios through the daily watchlist
