What Happened Last Week?
Bitcoin broke out of the recent downtrend structure and established a bullish leg with clear momentum.
The breakout was supported by volume and price structure, suggesting a trend reversal rather than a temporary deviation.
Weekly Bias and Strategy
The current outlook is bullish.
A retracement or sideways consolidation between the $120,000 and $114,000 zone is possible.
This zone may act as accumulation before further upside.
Key Points of Interest (POIs):
These levels will be monitored for long setups with confirmation on lower timeframes.
Macro Consideration – Fed Chairman Jerome Powell
Recent market speculation has increased regarding Jerome Powell potentially stepping down as Chair of the Federal Reserve.
If such a resignation is confirmed, it may act as a significant bullish catalyst for Bitcoin and other risk assets, possibly accelerating upside without allowing for any meaningful pullback.
Summary
• Bullish breakout confirmed
• Long bias maintained unless major invalidation occurs
• Watching retracement levels for entries
• Macro catalyst (Powell resignation) may trigger strong continuation without retrace
Bitcoin broke out of the recent downtrend structure and established a bullish leg with clear momentum.
The breakout was supported by volume and price structure, suggesting a trend reversal rather than a temporary deviation.
Weekly Bias and Strategy
The current outlook is bullish.
A retracement or sideways consolidation between the $120,000 and $114,000 zone is possible.
This zone may act as accumulation before further upside.
Key Points of Interest (POIs):
- 12H Swing Liquidity (turquoise line)
- Daily FVG (blue line)
These levels will be monitored for long setups with confirmation on lower timeframes.
Macro Consideration – Fed Chairman Jerome Powell
Recent market speculation has increased regarding Jerome Powell potentially stepping down as Chair of the Federal Reserve.
If such a resignation is confirmed, it may act as a significant bullish catalyst for Bitcoin and other risk assets, possibly accelerating upside without allowing for any meaningful pullback.
Summary
• Bullish breakout confirmed
• Long bias maintained unless major invalidation occurs
• Watching retracement levels for entries
• Macro catalyst (Powell resignation) may trigger strong continuation without retrace
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.