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Weekly Outlook

08.07.2024

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BTC analysis and Data (Weekly)

BITCOIN respecting the pivot level - purple line- that I am watching last few weeks.

Huge gaps been left above which showing us that the bull market is not over. I don’t believe that all those shorts from the ATH level will have such an easy free ride.

52.000 is the first area that is marked on the chart which I expect - and we can already see- first buyers to step in. we continue the downtrend tho and we must see some sideways price action to bottom here.

MACD indicator in a downtrend with momentum getting weaker and weaker.

RSI signal a divergence on daily. I was expecting that move, and now I am watching the lower time frames for signs of strength.

We need time to see how price will react this week.

50EMA above us + Michael bands red.

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Charts: OLD chart from last week's outlook

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Charts: BTC daily chart + Paths

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BTC Vs Alts

  • SOL was the strongest among all the coins in the market. Here are the stats for this week: (Max sell off) �1. BTC down: 16.15% ⬇�2. ETH down: 20.16 %⬇�3. SOL down : 18.85 %⬇�4. T2 down : 18.45%⬇�5. T3 down: 17.40% ⬇
  • Among the alts, sol held its structure and it had the best reaction on this sell off...

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Charts: ALTS VS BTC

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Data Analysis

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  1. OI → We just started again to see some positions been closing after the big sell off. We had multiple moves like that on the OI in the past, I am waiting to see how this time can be different , IF!...
  2. CVD spots and futures→ CVD in harmony with price, there is nothing special we can say about it yet.
  3. Liquidity Heat map→ Resting liquidity below 52.000 towards 50000 that I believe we can hit.
  4. Funding rate is below neutral, but relatively high with that price action. Lot of cope in the market.
  5. Borrow rates→ We hit borrow rates below 7%. No leverage is accumulated in the market.

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Conclusion

  • Since BTC is trading below 58.000-60000 is getting more bearish in the short term which can lead to unwind of some positions towards 50000.
  • Even tho we are trading below that level, we still hold well and markets trying to hold the price here. We are def oversold and I expect a bounce at some point which can mark the bottom.
  • The direction is down, price action wise we are heading lower.
  • Short term we are bearish and BTC needs to flip many levels to recover from that move.