$BTC WEEKLY OUTLOOK | Week of Oct 19 đ
Bitcoin remains trapped under the $84,000 resistance. The weekly is still in a sideways, neutral zone, but the balance is tilting bearish.
Fundamentals
US spot Bitcoin ETFs posted a second straight week of net outflows, about $229M for Oct 12 to 16 after $681M the week before. A hotter than expected 3.7% CPI and strong retail sales revived Fed hike bets, and the Fed is now in its blackout ahead of the Oct 27 to 28 FOMC.
Technical read
Last weekly candle printed a doji with a larger upper wick, a bearish sign. Price is trading inside a potential descending structure below $84,000, with no fresh buy pressure.
Upper resistances
$83,700 | $84,000
$86,500 | $87,400
$92,000 | $93,200
Demand zones in case of a bear break
$78,500 Weekly SSA
$77,000 mid zone T/K
$76,200 VAL (weak)
$75,500 to $75,000 golden pocket (strong)
$72,500 Weekly Kijun (strong)
Scenario i'm watching
A move toward $78,500 to $79,000 could come next. Losing $79,500 on a weekly close could trigger sharp sell pressure toward $73,000 to $74,000, in line with the 50% Fib rejection on the monthly and weekly.
My read: 65% bear, 35% bull while under $84K, based on experience and structure.
Full outlook and charts in the comment đ
NFA
#bitcoin #BTC
Bitcoin remains trapped under the $84,000 resistance. The weekly is still in a sideways, neutral zone, but the balance is tilting bearish.
Fundamentals
US spot Bitcoin ETFs posted a second straight week of net outflows, about $229M for Oct 12 to 16 after $681M the week before. A hotter than expected 3.7% CPI and strong retail sales revived Fed hike bets, and the Fed is now in its blackout ahead of the Oct 27 to 28 FOMC.
Technical read
Last weekly candle printed a doji with a larger upper wick, a bearish sign. Price is trading inside a potential descending structure below $84,000, with no fresh buy pressure.
Upper resistances
$83,700 | $84,000
$86,500 | $87,400
$92,000 | $93,200
Demand zones in case of a bear break
$78,500 Weekly SSA
$77,000 mid zone T/K
$76,200 VAL (weak)
$75,500 to $75,000 golden pocket (strong)
$72,500 Weekly Kijun (strong)
Scenario i'm watching
A move toward $78,500 to $79,000 could come next. Losing $79,500 on a weekly close could trigger sharp sell pressure toward $73,000 to $74,000, in line with the 50% Fib rejection on the monthly and weekly.
My read: 65% bear, 35% bull while under $84K, based on experience and structure.
Full outlook and charts in the comment đ
NFA
#bitcoin #BTC