BTC Update & Hyblock Heatmaps
Bitcoin looking no bueno.
Happy to be wrong here and see this hold as a bottom with a sharp recovery.
But looking at this weekly candle, it's hard to argue for the bulls right now. To me this reads clearly lower: mid to low 50s over the coming weeks, with a new range forming here.
The good part: this could be the last period of pain over the next months before we get an early new bull phase...
Bitcoin looking no bueno.
Happy to be wrong here and see this hold as a bottom with a sharp recovery.
But looking at this weekly candle, it's hard to argue for the bulls right now. To me this reads clearly lower: mid to low 50s over the coming weeks, with a new range forming here.
The good part: this could be the last period of pain over the next months before we get an early new bull phase...
👍2
BTC Update & Hyblock Heatmaps
Bitcoin lost the local weekly support level and is back inside the 2024 range.
It tested 59k already twice as major weekly support level. This is my new level to watch.
Close weekly below: Prolonged time (months) in this range with potential wicks to 49k.
Hold 59k as support on a close basis: Form a bottom, but most likely needs some weeks and we should still see some wicks lower.
Short term we should see some upside to fill the huge imbalance of the last weekly candle. But that doesn't mean anything as long as BTC doesn't close waaay higher.
Have a great start into the new week and see you soon!
Bitcoin lost the local weekly support level and is back inside the 2024 range.
It tested 59k already twice as major weekly support level. This is my new level to watch.
Close weekly below: Prolonged time (months) in this range with potential wicks to 49k.
Hold 59k as support on a close basis: Form a bottom, but most likely needs some weeks and we should still see some wicks lower.
Short term we should see some upside to fill the huge imbalance of the last weekly candle. But that doesn't mean anything as long as BTC doesn't close waaay higher.
Have a great start into the new week and see you soon!
👍2
BTC Update & Hyblock Heatmaps
Bitcoin longterm levels in the chart. I think we will see low 50s over the next weeks.
More than happy to be wrong, but imho BTC will retrace more before finding a bottom.
Bounces = short opportunities.
Bitcoin longterm levels in the chart. I think we will see low 50s over the next weeks.
More than happy to be wrong, but imho BTC will retrace more before finding a bottom.
Bounces = short opportunities.
Forming a bottom in BTC is a process that takes time.
First comes a series of capitulation events, then a period of consolidation, and only after that does the market begin a new rally.
According to several indicators, BTC is only starting to enter the zone where the bottoming process has historically begun. However, it is still too early to call an actual market bottom.
First comes a series of capitulation events, then a period of consolidation, and only after that does the market begin a new rally.
According to several indicators, BTC is only starting to enter the zone where the bottoming process has historically begun. However, it is still too early to call an actual market bottom.
Gm and happy Friday! ☕️
BTC Update & Hyblock Heatmaps
Bitcoin bouncing a bit as expected, waiting for the reaction at 65.7k 👀
BTC Update & Hyblock Heatmaps
Bitcoin bouncing a bit as expected, waiting for the reaction at 65.7k 👀