BTCUSDT Perpetual ContractUpdated 30/05/23 Weekly outlook
Last weeks high: $28225.6
Last weeks low: $27040.8
Midpoint: $25856.0
A little late due to bank holiday. BTC did go on a weekend rally to close strong near 28K. We've seen this happen before and usually the following week most of the gains get roundtripped back down, in this case targeting around 26K.
Tomorrow is the end of the month, currently we have our first red month in 2023. Could this be a correction from from a rally since the start of this year around the 16K mark, BTC's value has doubled since then so a correction makes sense even though we have been chopping for what seems like a long time.
Last weeks low: $27040.8
Midpoint: $25856.0
A little late due to bank holiday. BTC did go on a weekend rally to close strong near 28K. We've seen this happen before and usually the following week most of the gains get roundtripped back down, in this case targeting around 26K.
Tomorrow is the end of the month, currently we have our first red month in 2023. Could this be a correction from from a rally since the start of this year around the 16K mark, BTC's value has doubled since then so a correction makes sense even though we have been chopping for what seems like a long time.
Note
BTC retraced from previous week high back to midpoint now. Almost perfectly mirroring last weeks price action. I can see a retest of the lows if the midpoint is lost,
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.