This is the definitive analysis based on the weekly timeframe. Depending on how the weekly session closes the market trend will be defined. Bitcoin is both bearish and bullish. Let me explain.
» If Bitcoin can move and close weekly above $110,000, market conditions are considered bullish and we can expect higher prices.
» If Bitcoin moves and closes weekly below $100,000, market conditions are considered bearish and we can expect lower prices.
» Any trading between $100,000 and $110,000 can be considered consolidation. Since the main move is an advance starting 7-April, the consolidation has a bullish bias; makes sense?
It is a bullish bias but a bullish continuation is not confirmed. Bitcoin peaked the 19-May week, a new all-time high. Then it produced a lower high this week. This implies bearish potential and bearish pressure.
» If this week closes above last weeks high, around $107,000, we can say the bulls are gaining ground.
» If this week closes at the open or lower, say $105,000 or lower, then the bears are gaining the upper-hand a lower low becomes more likely.
It has not been decided, anything goes. Anything can happen because Bitcoin will not die, trading won't end if prices move below 100K. This would simply lead to a bounce and a recovery later down the road.
It also works in reverse, if Bitcoin moves higher, nothing happens, the market will continue to be and exist, it will continue to grow and evolve.
Right now we are mixed, this is a decision point. The action is determined by the price, depending on what prices we get we can know what comes next. Since the week is yet to close, we remain in doubt but the bearish bias has the upper-hand short-term.
Short-term bearish potential is strong based on the ath, triple-top and lower high.
Mid-term the market is in a bullish trend facing resistance. The wave from 7-April through present day.
Retraces and corrections are normal.
Long-term Bitcoin is bullish, because it has been growing since November 2022.
Thank you for reading.
👉 If you would like to see an update when the week closes hit boost!
Namaste.
