Hey, guys,
this is the weekly Bitcoin update.
At the beginning of last week we traded around 68k and we talked to you that the market sentiment is bearish and we are likely to see several waves of decline with targets of 63k and 60k, this scenario has been worked out and targets have been reached, the price has not reached 60k literally 1%. After that I expected the market to consolidate and we will see the continuation of the uptrend, which happened, even faster than I expected.
At the moment technically a head and shoulders pattern has been formed, and the targets are around 75k, but I will not be surprised if the price takes 79k, it can be with pullbacks and corrections, but the fact that the instrument has a strong bullish momentum is obvious, and trading should be done from buying. This scenario can be canceled by a break of the support at 60-63k, below which the price should not go to continue the growth.
Events this week that may affect the volatility of the markets.
March 28 - GDP Q4
March 29 - Core Personal Consumption Index
Stay tuned.
