Most Bitcoin traders probably had a frustrating trading week after the top coin showed a lot of promise around the 110,000 level, but ultimately failed to make the highly anticipated breakout to a new all-time high.
Next week will be a really important week for Bitcoin as it's getting to a point where BTC needs to rally or the risk of slipping below 100,000 is going to grow dramatically.
Source: X.com
The FOMC meeting and the voting on the GENUIS Act are two quality catalysts that could cause a sizeable market move next week.
Technically, Bitcoin is still looking good, as it forms higher lows in the near-term, continues to bounce from key pivot points, and not to mention the ongoing Golden Cross.
Source: Tradingview.com
Personally, I think Bitcoin buyers are going to step in next week and BTC is going to make a new ATH if this weeks price low is not broken.
Our flagship indicators Vanguard and Atlas are also at a critical juncture. So now is a good time to explore both.
Biyond Vanguard 2.0 on the weekly time frame remains Blue (after briefly turning Orange) so the buy any dip theme is still alive and well.
Source: Biyond.co
As long as we close the week above the 105,000 level then Vanguard weekly will give a solid Blue signal.
Things get slightly more complicated when it comes to Biyond Atlas as a degree of hope and belief is needed.
Atlas started to turn downward again this week (exactly what we want to see) but then started to move marginally higher as BTC crashed down from 110,000.
Source: Biyond.co
To be fair, the points adjustment higher was not dramatic, just a few points.
But the broader point is the downward slope needed for buying momentum was interrupted.
Source: Biyond.co
A curving lower of Atlas and a daily point decline are essential features needed for a strong buy signal.
Should we see large double-digit daily declines in Atlas in the coming week then it would align with my view that Bitcoin is going to take a shot close to or breaking 115,000 before the month ends.
