Bitcoin could break out soon, is this the week?

Price action hasn’t been really interesting this week, and my hope for a retrace to $26k didn’t play out, although we have consolidated as I said in my last Weekly Review. As I just said, there isn’t pretty much to say about what happened this last week, so I’ll go straight into next week’s predictions.

Firstly, I do expect next week to be, at least, a bit more interesting: we have Fed Minutes on Wednesday and that can be enough volatility to break the tight range we’re in ($28-31k). And even without this upcoming meeting, I would be surprised if we held one more week. In any case, we would look to retest the FVG at $29.4k as BTC just failed to create a new high at the moment of the writing. Then we could see a sweep of the twice retested high, $30.8k.

Anyway, I don’t discard the option that Bitcoin retests briefly the $26k level, but it’s just less likely at this point, as retail has started to be undecided, leaning to the short side. This being said, I don’t think I could predict correctly any moves besides what I mentioned: we would need to break out first. Lastly, don’t forget that things can get interesting real quick!