03/07/23 Weekly outlook

3 Tem 2023

Last weeks high: $31291.8
Last weeks low: $29420.6
Midpoint: $30356.2

The week starting on Monday 19th of June was the latest rally for bitcoin, a strong move up leaving some large FVG inefficiencies left behind that price will look to fill in the future. The upside capped off at just under 31.5k, a high that the bulls couldn't top last week while chopping sideways in a much tighter range than previous, and consolidating under the all important 32-32.5k region where a lot of traders will look to do business.

This week for me will go one of two ways in my opinion:

A slow and steady drop from current price down into those FVG areas, the main one being 27.2-27.75k.

OR

We wick up above recent highs, tag liquidity in the supply zone around 32.5k before a sharp sell off back into those FVG zones before anymore progress can be made above this range.

FOMC minutes event on Wednesday may provide the volatility required for this liquidity grabbing wick.

3 Tem 2023

Not

price has pushed past the 0.75 line, and is retested for support which for now has reacted in the bulls favour.

6 Tem 2023

Not

NEW LOCAL HIGHS after bouncing off the midpoint. Could this be the run up to 32.5k?

6 Tem 2023

Not

Huge SFP after topping the previous weeks high, fallen straight through the midpoint for the first time this week too.

A strong bullish divergence has however printed so maybe time to enter a long soon. Not wise to try and catch a falling knife so I'm waiting for the dust to settle a bit first before entering any positions.
Fortune favours the bold.