BITCOIN Scenarios Looking Into The Week

Hi all! Hope everyone had a great weekend. I'm sure coming back from an awesome weekend down on vacation in Mexico. My wife and I had a great time, but looking forward to coming back to the charts to see what's in store for the week.

The last several days have seen rejection at $8,276. Likely we aren't going to see a break of this in the near future since the volumes are slowing down across the board. Support does seem to be made though and we have rejection from the shorter sell offs. I'm not sure how long this support will last though.

The daily chart isn't the best short term setup, but I'll still take it for longer term. We saw rejection from the high near $8,500 and an inability by the bulls to continue and see higher prices. after finding support, we're consolidating now. Once consolidation completes and we see a breakout, I actually anticipate this breakout to be a bit bearish. The huge run-up is definitely likely to see a bit more profit taking, meaning a drop in prices.

The weekly is still a decent scenario, but we're honestly looking for this pullback to happen and have the bulls show up to form a higher low in price. If this signal happens and we see a break of current trend highs near $8,500, this is almost all but promising of a trend reversal.

Now, here's the caveat -- the ETF is still a major player in this. If we get a higher low, we could still a break of that low in the weeks following if the announcement is bad. If the announcement is good (like a lot of people are expecting), I don't anticipate as much of a rally as would be if there's a selloff from bad news. The reason, is because a lot of this hype and good news is already priced into the market.

Anyway...more updates to follow tomorrow. Wanted to check in and give some analysis. Hope everyone had a great weekend and has a good week coming up! Cheers.