BTC Weekly Preview

May 08, 2023

In this video, Vet examines the movement of Bitcoin and how it moves in clusters. Vet points out that Bitcoin has been on a downward trend in the Fall into September, pushing down out of the weekly Supply and Demand box. After pushing down for eight weeks and failing to close the gap, Bitcoin plummeted during a horrible week in November. This drop led to the drawing of a fib, which was eventually broken nine weeks later, leading to a new range and upward trend.

Vet emphasizes the importance of counting ranges, as it helps predict the trend of Bitcoin. The current oversold weekly and daily VIX suggests that Bitcoin will continue to trend down, possibly reaching gravity point C.

Vet noted that there's a possibility Bitcoin could get into the 32,000 to 33,160 range. However, he thinks it's more feasible to stay inside the Supply and Demand zone, with gravity point A being just under 31,000.

Vet predicts that if Bitcoin makes the next run, then the equity markets will drop into CPI, PPI, and sometimes Thursday. Thursday and Friday form a bottom, and they will push higher as well. However, Vet is leaning towards the direction of the SPX putting in a top this week and then rolling over, which would mean that Bitcoin will drop and retest.

If Bitcoin gets back up into the supply zone, this suggests that the daily would be overbought, and the weekly oversold condition would be rendered gone. In that case, Vet thinks that after some time, Bitcoin would roll back over and attack 24,000 to 25,000. If the current drop in Bitcoin turns out to be a major top, Vet believes that Bitcoin will challenge yearly lows, starting with March lows and going down to sub 20,000, then retargeting the range all the way back to yearly lows at 15,479.

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