#BTC #Bitcoin #Midterm
Hey guys.
This is a weekly update on Bitcoin.
At the beginning of last week we were trading around 72 K, and we talked to you that we are somewhere close to the end of the cycle of growth (local), but the possible price throws up 3-5%, which happened the price rose at the moment almost to 74 K. Also I said that there are events that are likely to have an impact on the cryptocurrency market, on the publication of inflation data markets began to correct, and by the end of the week the decline intensified, by the way the volume of derivatives expirations that the stock market experienced last week amounted to 5 trillion.
Inside the day I tried to buy, but the price did not reach the take profit, so I closed the trade on the stop and fixed about 8% loss.
At the moment technically we have a local downtrend, and based on this logic I will build trading this week, most likely we will see several more waves of price decline, and test the support in the zones of 63 and 60 thousand, after which we can expect consolidation and continuation of the uptrend, cancel this scenario fixing the price above 70 thousand.
Stay tuned.