Hey guys.
This is a weekly review of bitcoin.
Last time we talked about some signs of weakness of the instrument, such as technical breakdown of the uptrend, as well as bearish momentum in the market, which has a chance to continue and the sign that the bears have loosened their grip will be the return of the price above 65.5K, which was not done, and marked levels for attention 62k and 60k. The trigger for the continuation of the decline was the escalation in the Middle East, and the price tested 60K, this movement I accompanied and wrote that I opened Long at 60.8K, as I recorded some signs of weakening pressure of sellers and closing of shorts, as a result I managed to earn on the rebound of the instrument, which I closed around 63K as the price hit a strong cluster zone. The situation was read with you quite accurately and I hope it helped to make money or save yourself from losses.
At the moment the price has tested the 64K zone, where the last fall started and where large volumes took place, which can be seen for example in the volume profile,
If the price manages to break through this zone and consolidate above 64-64.5K, we may return to 66-67K zone.
What can be done now? It is difficult to say, as it is not a good idea to buy into resistance, and there is no set-up for selling. Therefore, for short-term trading, we can look for local trades, and for medium-term I will wait for the breakdown of the 64K zone to buy, or if the price will draw signs of weakness, we can work with some shorts.
Can the price go below 60K? I wouldn't be surprised as there is a huge stop liquidity there now and it can be followed by some shorts. On the liquidation map there are important areas to pay attention to, 59.5K and 65.2K, the break of which may cause sharp moves. As I said earlier, the price will be in the 60-66K range for some time.
This week macro statistics to watch out for and may cause volatility in the market:
10.10- revised CPI data, unemployment benefits.
11.10- PPI.
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