Crypto analyst and trader Stoic shared insights on Bitcoin’s BTC/USD potential trajectory, highlighting key areas to watch in the coming week.
What Happened: Stoicnoted that the current low volume weekend and weakening momentum around the shifted Point of Control (PoC) at $64,000 could indicate a potential sweep of the value area low in the low $60,000 range if strength doesn’t pick up.
He also mentioned the possibility of Bitcoin forming a low for the week on Monday, followed by a reversal targeting the $67,000 level after breaking through $64,000. Stoic identified the current range as an "odd triple distribution," with key areas of interest at approximately $64,000, $67,000, and $70,000.
Price Action: At the time of writing, BTC was trading at $64,180, up 0.5% over the past 24 hours.
Why It Matters: Stoic's emphasis on the low volume and weakening momentum highlights the importance of considering market context when analyzing short-term price action. His odd triple distribution pattern provides a roadmap for potential price action in the coming week.
However, caution should be maintained as lack of strength at current levels could pull prices down to $60,000.
By identifying key support and resistance levels, as well as potential scenarios based on market conditions, Stoic’s tweet helps market participants make more informed decisions.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Despite Bitcoin Hitting $64K, Analyst Says King Crypto Remains In ‘Prime Buy Zone’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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