BTC OUTLOOK
The weekly to the daily time frame shows a clear bounce from the 60k level of support, however, note this is the second time the price has bounced from this area and failed to create a new higher high on the daily, showing clear rejection from the $64,500 area of resistance. for me, I would like to see a clear push higher and closure above $64,500 and eventually create a new higher high and higher low finding new support around the $66,300 area to then push up higher.
Conversely, a break and closure below the 60k level of support would confirm the price will likely be heading to $57,900 area and then possibly even further which would see alts push lower and I believe confidence drop dramatically in the market sentiment as a whole.
Just from the market structure and current price action alone, I see price ranging for a few weeks between $60,000 and $64,500. I think we will stay between these areas until the US election when we will see extremely high volatility, which could decide where price is heading.
Conversely, a break and closure below the 60k level of support would confirm the price will likely be heading to $57,900 area and then possibly even further which would see alts push lower and I believe confidence drop dramatically in the market sentiment as a whole.
Just from the market structure and current price action alone, I see price ranging for a few weeks between $60,000 and $64,500. I think we will stay between these areas until the US election when we will see extremely high volatility, which could decide where price is heading.
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