After a 5 week bull candle, Finally Bitcoin is taking a breather forming its first red candle on the weekly chart. Looking at it at a macro perspective, this is actually a healthy sign for Bitcoin as it retraces it will give further clues as to where it would head in the future. Although many speculators out there saying as to where and how far Bitcoin would go, without this slight correction, I believe that it would be harder for them to gauge as where it might head.
Bitcoin bounced off its 61% Fibo retracement between 59,500 and 30,000. As it should, naturally. In a longer term perspective, I strongly believe that it would try its 50% at 44,700 before trying going higher. However since this year is unlike any other year and we are seeing astronomical adoption from both retail, institutional and governmental across the globe, do expect prices to reach its 38.2% Fibo at 41,269 before heading higher.
Although there was a purchase of over a billion dollars of bitcoin yesterday that could be seen on its on chain matrix, however prices aren't tallying with the its actual demand. Bitcoin is actually going through a supply shock, yet its price is morally questionable. Do expect a few fudable news coming up these few days. This just shows that the market is highly manipulated ever since the financial institutions joined in, Bitcoin isn't behaving as it is supposed too.
Looking into its mid-term pricing, it been taking its time to touch 23.6% (45539) and is highly probable for it to reach 44,700. Although I expect BTC to dive further down, I expect BTC to be choppy or Kangaroo hops as they call it nowadays. Expect prices to range between 42,500 to 50,000 this week.
Fear and Greed index is at 75, and it seems that people and institutions are buying in the dips. For today, I expect BTC to range between 45k to 50k.
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