Bitcoin Weekly SFP | Is a Pullback on the Horizon?
Let’s dive straight into the price action.
BTCUSD (Weekly)
Bitcoin failed to hold above its previous all-time high (ATH). This could be interpreted as a Swing Failure Pattern (SFP) or simply a fakeout. However, it's still too early to confirm a pullback until we see how price reacts around this key zone (ATH).
Trump-EU Tariff Delay Reaction
This recent move may have been triggered by Trump’s announcement to delay the 50% tariffs on the EU until July 9. Let’s not forget—price also dropped below the ATH when Trump initially introduced the tariffs. So essentially, nothing substantial has changed—just more political maneuvering influencing market sentiment.
What Should We Expect Next?
The daily chart will likely offer more clarity for short-term trade setups.
Since the news broke right before the weekly close, and with traders now chasing the move, today being Memorial Day in the U.S. adds another layer of uncertainty—it's unclear whether traditional markets will be open. It may be wise to wait a day or two to determine whether this was simply a news-driven spike or if there's genuine strength behind the move.
Two Possible Scenarios:
1. Bullish Continuation:
If price holds above this zone (around ATH), I’m not planning to chase it yet.
The move was news-driven, and the weekly still shows signs of a fakeout.
However, if it continues to hold above the ATH, we could be looking at new highs soon.
2. Pullback Scenario:
A rejection from this level would likely lead to a pullback, potentially dipping into or even below $100K
