Weekly #Bitcoin Update🇨🇭🥷🏻

I'm back from my vacation and happy to provide you with another analysis.

In the attached chart, you can see two price ranges in which the Bitcoin price is moving, which we use to anticipate future price movements. Firstly, the clearly visible, green-marked zone between $71,300 and $60,600, which marks the highest and lowest closing or opening points of the last four monthly candles. These points usually contain larger orders and high volume, providing strong support or resistance. The previous support in this zone is marked with blue circles.

Secondly, we have the overarching total price range, marked by gray resistance and support zones at $56,500 and $73,800. This measures the entire Bitcoin price range in this sideways movement and allows us to elaborate on how potential breakouts from the green main zone can be considered harmless.

Regarding the current position: At the time of the last report, we were at the lower end of the green zone and discussed two possible scenarios: one involving a potential break below the support and a subsequent sell-off to the next support zone at $52,000, and the other involving the zone holding and a subsequent price increase back to the middle region of the green zone.

Due to the positive reaction of the last three candles, particularly the strong second-to-last candle, we can now more confidently anticipate a price increase over the coming days. If the macroeconomic situation remains stable, this would mean that we could reach the upper boundary of our zone over the course of the month. The gray bar pattern visualizes how a possible movement could play out, pointing to an initial rejection at the middle of the zone at around $65,000 and a retest of the support at the lower boundary of the zone before a strong upward movement occurs.

This is purely speculative, and it is not possible to consistently predict future price movements. The previous price changes merely allow us to make assumptions and act accordingly.

In conclusion, I would like to reiterate the potential risk of a break of the lower support zone, which would lead to a sell-off bringing us into the region between $50,000 and $52,000. The longer we remain in this sideways movement, the less likely this scenario becomes, but it could still occur in the short term. The overarching bullish trend remains intact, and we remain generally optimistic.

Our price target between $84,000 and $88,000 remains as well. As mentioned in the last report, we generally expect a movement into this zone in the third or fourth quarter of this year.

Yours truly,

The Sandman
#Bitcoin