- Elite crypto and Bitcoin (BTC) trader shares his insight on Bitcoin’s future.
- He talks about the ongoing WMA200 weekly indicator that is crucial for the Bitcoin chart.
- He also shines light on other important upcoming events for Bitcoin.
Bitcoin (BTC) has been the subject of much speculation and analysis in recent weeks. So much so that traders and investors closely monitor its price movements. A recent report highlights the significance of the Weekly Moving Average 200 (WMA200) indicator. This could potentially influence major BTC price shifts in the coming weeks and months.
As we can see from the tweet above, a seasoned trader shares about what to expect next for Bitcoin (BTC). The report discusses the importance of the WMA200 weekly indicator. His views say this is a key factor in determining BTC’s price movements. However, a major change occurred this week that may impact the cryptocurrency’s trajectory.
The report provides technical analysis and psychological insights into BTC’s price movements. It predicts the asset may enter a sideways movement and target two liquidity pools within the $31,700 – $29,000 range.
Furthermore, the analysis indicates that there is more liquidity on the downside than on the upside. So, losing the WMA200 on the daily chart is mostly a negative sign for BTC. The first target mentioned in the report is the liquidity pool at $29,000, with a possible retest of the EMA50 daily.
If the daily candle closes below EMA50, the next target is the liquidity pool at $27,000. This happens to coincide with the WMA200 weekly indicator. Adding on, the report emphasizes how the word ‘target’ does not guarantee hitting high levels within the next few days. This is because BTC’s price action depends on its reaction to certain levels.
Meanwhile market makers are expected to target the $29,000 liquidity pool before deciding to continue upwards or potentially taking out the largest liquidity pool at $24,000. It is noted that there is almost no liquidity left in the upside, making the week of big volatility due to important economic data, including FOMC, crucial for potentially taking out the $29,000 liquidity pool.
Finally, the report provides an outlook on important events for the upcoming week. These include manufacturing and services PMI, CB Consumer Confidence, FOMC, Unemployment Claims, and Core PCE Price Index, which may have implications for BTC’s price movements.
Lastly, the report concludes with links to premium membership and free Telegram channels for further updates and analysis on BTC’s price trends. Note that all crypto traders and investors are highly advised to their own research along with external reports to manage risks.
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