Bitcoin looks set for it's highest weekly price close ever despite starting the early part of the week on the backfoot, dropping towards the $94,000 level.
The strength on dips further underscores the power of the Green (buy) signal that Vanguard weekly gave on the current weekly price close.
Source: Biyond.co
Basically this means that any dips in price, despite how severe, are still for buying, even with the nasty 7% plus drawdown this week.
Let's be honest, this drawdown is still pretty tame for Bitcoin standards.
Source: Biyond.co
As things stand, not only is BTC set for it's highest ever weekly price close, but also close to putting in Green weekly Vanguard signal.
This means that not only are dips for buying again (if we get that lucky), but probably a necessity if we see a drop under $100,000 next week.
Source: Biyond.co
There is a caveat here. Biyond Atlas continues to gravitate higher each week (Atlas is an inverse indicator to price, meaning the price and the indicator move in the opposite direction), issuing a warning about a reversal lower.
Two schools of thought here from me. Biyond Atlas is still within the Green zone.
According to Biyond's quant team Bitcoin is still very much in the "Buy Zone" while trading inside the Green area.
However, the fact that the indicator is moving higher is still an unofficial take-profit warning.
Source: Biyond.co
My final thoughts on Biyond Atlas this week are that the indicator is actually moving closer to being outside the Green zone, even though it is still within.
I would therefore suggest keeping a close watch on this indicator next week. A reversal in Atlas towards a downward direction would be a powerful indication of a major bull move towards $110,000 to $115,000 incoming.
On the other hand, a move out of the Green zone would be a warning that price rallies may not stick around, and range-bound trading between $104,000 and $92,000 is set to persist.
Source: Source: Biyond.co
The Long Vs Short ratio shows that retail traders on Binance are their most short in 3-weeks.
This could suggest new highs incoming next week.
Perhaps if no new ATH high is made under these circumstances (extreme shot positioning amongst retail) then that could be a warning of another move under $100,000 coming.
For example, a two-way price shake-out or a classic leverage rinse or cleansing.
Overall, there are many reasons to be positive going into Xmas according to our indicators, however, the need to play the market intelligently is a must if you are considering dipping your toes back into BTC for a potential 10-15% price ramp before 2024 finishes.
