CRYPTO MECHANIC
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Bitcoin is Getting Ready For A Breakout?
It’s been four weeks since Bitcoin has been stuck in the same price range, after a straight move down from $126k to 80k, and now here we are, with the price not really doing anything for these four weeks. So, in this article, we’re going to take a look at what might happen will we finally see a breakout this week? Let’s go straight into the charts
BTCUSDT (Weekly)
Before we talk about the current picture, let me remind you about the overall picture. On the Bitcoin weekly chart, it’s still within the same downtrend, and it will remain in a downtrend as long as we don’t see Bitcoin reclaim the 98,000 to 100,000 level because this is where the bullish structure broke.
BTC Weekly Range
Last week, we talked on the weekly chart about how Bitcoin is stuck in a range, and that range is a low of 85,000 and a high of 93,000, and somehow it’s still the same. I think a directional breakout will only happen on the weekly chart when Bitcoin manages to hold above or below one of these two areas.
BTCUSD (Daily)
The daily chart for Bitcoin is also the same there’s no close above the 93,000 high or the 85,000 low. That means we don’t really have any clear trade setup on the daily chart. If you’re trying to trade this range, you’re basically just guessing and playing around. In reality, there’s no clear direction based on the current picture we have of Bitcoin. You can trade it if you’re good at range trading, but if you’re not sure what’s going on, I think you should wait for the price to hold above one of these two levels.
Bitcoin Breakout This week?
One thing I want to put your attention on is this ascending triangle, I think there isn’t much room left in it, and this makes me think that maybe we’ll see a breakout this week. I also shared it on my profile you might have seen, i said that a breakout could happen next week.
The same zone of $93k zone is the zone price needs to break and On the other hand, we have the 87,500 low, and its also aligning with that trendline maintaining the higher lows.
We had a fakeout yesterday. I think Yesterday low will be the key to watch this week based on the trendline and higher lows we have. If price manage to hold that low, I think we are good. Breaking below it wouldn't be ideal for Bulls.
This is it for this week’s update guys, Nothing much to update, still waiting game
Which way you think Bitcoin will break, Up or Down?
BTCUSDT (Weekly)
Before we talk about the current picture, let me remind you about the overall picture. On the Bitcoin weekly chart, it’s still within the same downtrend, and it will remain in a downtrend as long as we don’t see Bitcoin reclaim the 98,000 to 100,000 level because this is where the bullish structure broke.
BTC Weekly Range
Last week, we talked on the weekly chart about how Bitcoin is stuck in a range, and that range is a low of 85,000 and a high of 93,000, and somehow it’s still the same. I think a directional breakout will only happen on the weekly chart when Bitcoin manages to hold above or below one of these two areas.
BTCUSD (Daily)
The daily chart for Bitcoin is also the same there’s no close above the 93,000 high or the 85,000 low. That means we don’t really have any clear trade setup on the daily chart. If you’re trying to trade this range, you’re basically just guessing and playing around. In reality, there’s no clear direction based on the current picture we have of Bitcoin. You can trade it if you’re good at range trading, but if you’re not sure what’s going on, I think you should wait for the price to hold above one of these two levels.
Bitcoin Breakout This week?
One thing I want to put your attention on is this ascending triangle, I think there isn’t much room left in it, and this makes me think that maybe we’ll see a breakout this week. I also shared it on my profile you might have seen, i said that a breakout could happen next week.
The same zone of $93k zone is the zone price needs to break and On the other hand, we have the 87,500 low, and its also aligning with that trendline maintaining the higher lows.
We had a fakeout yesterday. I think Yesterday low will be the key to watch this week based on the trendline and higher lows we have. If price manage to hold that low, I think we are good. Breaking below it wouldn't be ideal for Bulls.
This is it for this week’s update guys, Nothing much to update, still waiting game
Which way you think Bitcoin will break, Up or Down?
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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