A tough week is awaiting us: is this the time to turn bullish?

I have chosen to delay the post (again) to Monday in order to have a clear view of how price is moving in this new week. Firstly, I want to mention that all my bullish scenarios got obviously invalidated, so this is the best time to start from scratch. Bitcoin has retested levels that I personally wasn’t really thinking it was going to touch.

There was a fairly strong rejection at 25K, driving price back around 31K, which was tested as support last week as well. I also wanted to point out 2 VWAPs: the one anchored at $40k previous swing high and the one anchored at the 25K low. Both have held ever since they started, so it’s a good idea to take them into account for a breakout.

Now that shorts seem exhausted, and we broke the trend line, it may be time for BTC to retest above the current lows, and then run to around $33k and consolidate at this level for the rest of the week.
Contrarily, in a more short-term bearish scenario (which I’ve been seeing less and less likely over the last days) we would go $25k.

Lastly, don’t forget that the economic fundamentals haven’t been really good lately, with a CPI neutral release (8.3%). With all of that said, stay tuned for the next post and keep your capital safe!