#Bitcoin Weekly Forecast📌‼️
Aug. 28 - Sep. 03
Key insights for the
#crypto market this week?
1/ HTF still bearish; short-term bounces are possible
2/ HTF downside targets: 23.5k, 20k, 18-19k
3/
#BitcoinETF news will impact crypto market
4/
$PEPE drama signals ongoing bearish market
5/ Concerns about
#binance &
$BNB
⇢ Recap of last week:
Last week, after a significant breakdown from 29.5k to 25k,
$BTC consolidated in a tight range: 26.1 - 26.2k (or 25.3 - 26.8k counting wicks). Most of the time, BTC mainly hovered around 26k.
After a 14% nuke,
#BTC only pumped 3%, retesting resistance at 26.8k; the driver behind this pump turned out to be
#SPX strength, rather than crypto strength by itself.
⇢ Anticipating further downside on high time frames, though mean-reversion bounces may occur.
The
#cryptocurrency market's current strength or interest is weak per my analysis above. Since
#BTC was at 31.2k, I’ve been publicly bearish and shared my short targets (28.5k, 27k and 24.8k). All targets were achieved.
LTF: Short-term mean-reversion bounces are possible in a choppy environment. Another retest of $26.8k could be just around the corner. And if we can break $26.8k resistance decisively, we will see higher prices of $28k or more. But, more sideways and then downside (no major bounce) is also possible if
#SPX favors bears.
HTF: My broader view remains bearish as long as we stay below $29k, where this breakdown happened. I foresee more downside after periods of consolidation and/or pumps, if any.
🎯My targets are 23.5k, 20k, and a possible wick down to 18-19k over the coming months.
⇢
#BitcoinETF news will impact
#crypto market
Next week, the first decision of the Spot Bitcoin ETFs will be made. Current price sits below the ETF rally candle, signaling concern. It's worrisome that the market retraced the entire move despite no ETF decision yet.
My bearish stance holds, unless significant positive news emerges from the
#Grayscale vs SEC case or an
#ETF approval. In these scenarios, a reversal and followup rally could be possible.
When market interest is so low, the upcoming ETF decisions hold most of the cards. Approval, denial, or even a delay have the potential to trigger intense market volatility.
⇢
$PEPE drama suggests bearish trend📉
#PEPE is plunging after millions of dollars left the project's vault-like multisig en route to crypto exchanges. Though nobody could’ve predicted this drama, I did alert about the precarious situation of PEPE from a PA perspective before this happened.
See my warning post about a possible 20% drop‼️
#Memecoins like PEPE aren't value-adds to the crypto market. They often contribute to more scams. The only utility for me is using them as potential indicators for market tops, and to confirm that we are still in a bearish regime.
⇢ Concerns about Binance &
$BNB
Technically, the
#BNB chart raised concerns last week, and the concerns still persist. HTF wise, lower highs price sitting at critical support level. If this support is broken, the next support is far away.
Besides, the trending hashtags
#bnb and
#Binance reflect growing discussions and worries, which may trigger a self-fulfilling domino effect that can result in liquidity leaving the exchange, more downside and further issues.
Let's avoid
#FUD, but during uncertain time like this, it's wise not to put more money than you can lose at an exchange.
⇢ If you enjoyed my analysis, please don’t forget to:
☆Follow me for market analysis on
#BTC ,
#crypto and
#stocks.
☆Like, RT, bookmark and drop a comment🧑🍳.