#BTC Weekly View (15/6)

The market has had a fairly significant rebound recently. We now have a weekly candle range (the red candle) between $59k - $74k, which will likely act as this month's trading range. Of course, the primary trend still remains bearish.

During the summer, the market often moves sideways on higher timeframes due to the Summer Doldrums period (June to August). Therefore, from a mid-term perspective, there's nothing to worry about yet. RSI on the higher timeframes is already showing bullish divergence across the board, so the market will likely need an extended sideways phase to reset RSI before continuing its larger trend.
The market could potentially form a major cycle bottom around November.

That's the mid-term outlook. Below is the scalping view: 👇

🔘 H4-H1 are still maintaining the recovery momentum. I expect we're currently in wave 2-3 of this upward move, and the ideal rebuy area for BTC and altcoins would be around $64.4k - $63k.

+ If $62k breaks, this short-term uptrend would be invalidated, but I don't think that's likely to happen.

The $68k - $70k zone will be my main area to watch for potential short setups. For now, I still maintain a short-term bullish bias, as we likely need to complete the full 5-wave structure before the next corrective move begins.