22/05/23 Weekly outlook

May 22, 2023

Last weeks high: $27656.6
Last weeks low: $26997.5
Midpoint: $26338.4

With the price of BTC starting the week at the same price it finished it, we had a largely boring 7 days of price action. A very tight <5% spread form highs to lows, the majority of time spent around the $26800 mark with the occasional whipsaw to give the illusion of volatility.

With price tightening the way it is, usually an impulse move follows, the longer we consolidate at this level the bigger the move that follows is the general rule.

May 24, 2023

Note

Currently sat under last weeks low and looking slow to react, personally I think a lot of people have the 25.2k level in mind.

This means either 25.2k gets front run and we rally from here, leaving a lot of people side-lined and then FOMO'ing before getting trapped in longs.

Or we blow past 25.2k and head for 24k or even 22k which could be ugly. Stay cautious on this one as there has been a lot of chop recently, and we all know a bigger move follows consolidation.

May 26, 2023

Note

Coming towards the end of the working week now, the previous weeks low has been reclaimed but still does not look convincing to me.

A scam pump up towards the midpoint over the weekend/weekly close is not out of the question and in my opinion probably is likely before continuing the downtrend at weekly open.