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Hey, guys,
Bitcoin weekly update.
Last week we traded on Monday around 67k and I warned about the euphoria in the market and the need to control risk and on Tuesday we already got a -15% correction, further the drop was quickly bought back and the price updated ATH. In general, the plan for the week worked as accurately as possible, we got a local correction and came to the 72k zone.
I continued to reduce positions on altcoins and take money out of the market, as I believe that the real correction has not happened yet and it is possible to get better prices than now, if we talk about trading, but if we talk about investments, then for 24 years today's prices are probably still at the beginning of the bull cycle.
At the moment I think that we are close to the end of the up cycle and I would like to see a correction to the average values of 50 or 55 thousand, where we can take a good medium-term entry point. The local support that should not be broken to continue the growth is 65-67 thousand. I will not make any predictions on the price, but bitcoin can easily make 3-5% price moves under the end of the trend.
Events this week that may affect the markets
1. expiration of derivatives
2. US inflation data
Stay tuned.