ðĨ Bitcoin Spot ETF Approved: DUMP ALARM ðĻ
After yesterday's false start, Bitcoin's long anticipated ETF is finally here. However, it remains to be seen whether this ETF approval will be bullish or not.
In the long-term, definitely. Price action over the next few weeks/months is likely bearish. As mentioned before, I'm expecting a short swift pump towards 48,000$ before hitting two major resistances and dump.
Reasons for this bearish view:
- Strong pump into news. Buy the rumor, sell the news?
- Top yellow resistance of the channel
- 48k resistance, last major resistance before the ATH.
- The ETF approval is a perfect bull-trap for retail traders. Whales have already bought their Bitcoin's in the last year.
The bottom support of the channel seems like a decent bearish target. Potentially even 30k.
I will switch from bear to bull if we can get a weekly close above 50k. This indicates that the 48k resistance has been broken and will decrease the probability of a fake out. Happy to be proven wrong.
For now, be careful for high volatility.
In the long-term, definitely. Price action over the next few weeks/months is likely bearish. As mentioned before, I'm expecting a short swift pump towards 48,000$ before hitting two major resistances and dump.
Reasons for this bearish view:
- Strong pump into news. Buy the rumor, sell the news?
- Top yellow resistance of the channel
- 48k resistance, last major resistance before the ATH.
- The ETF approval is a perfect bull-trap for retail traders. Whales have already bought their Bitcoin's in the last year.
The bottom support of the channel seems like a decent bearish target. Potentially even 30k.
I will switch from bear to bull if we can get a weekly close above 50k. This indicates that the 48k resistance has been broken and will decrease the probability of a fake out. Happy to be proven wrong.
For now, be careful for high volatility.
āļāļąāļāļāļķāļ
Previous analyses
āļāļąāļāļāļķāļ
BTC hit 49k on the first pump during live ETF trading. Hard rejection for now. Long-term trend is still bullish, but my expectation is playing out relatively well. A weekly close above 50k will invalidate my bearish narrative.āļāļąāļāļāļķāļ
BTC looks like it has rejected the 48k-49k resistance area. The two resistances in my analysis have held thus far. A daily close below 40k would in my eyes be a valid confirmation of the reversal.āļāļąāļāļāļķāļ
And note the wick to 49k. Exactly as predicted: retail buys the news, whales dump on retailers and push the price back down.āļāļąāļāļāļķāļ
Update
āļāļąāļāļāļķāļ
BTC below 40k for the first time since December.
ðŊOfficial Channel: t.me/FieryTradingChannel
ðTry my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
â Monster Signals: t.me/monster_cryptosignals
ðĨPremium Signals: fierytrading.com
ðTry my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
â Monster Signals: t.me/monster_cryptosignals
ðĨPremium Signals: fierytrading.com
ðŊOfficial Channel: t.me/FieryTradingChannel
ðTry my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
â Monster Signals: t.me/monster_cryptosignals
ðĨPremium Signals: fierytrading.com
ðTry my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
â Monster Signals: t.me/monster_cryptosignals
ðĨPremium Signals: fierytrading.com
āļāļēāļĢāļāļģāđāļŠāļāļāļāļĩāđāđāļāļĩāđāļĒāļ§āļāđāļāļ
āļāļģāļāļģāļāļąāļāļŠāļīāļāļāļīāđāļāļ§āļēāļĄāļĢāļąāļāļāļīāļāļāļāļ
āļāđāļāļĄāļđāļĨāđāļĨāļ°āļāļāļāļ§āļēāļĄāđāļĄāđāđāļāđāļĄāļĩāļ§āļąāļāļāļļāļāļĢāļ°āļŠāļāļāđāđāļāļ·āđāļāļāđāļāđāļŦāđāđāļāļīāļāļāļīāļāļāļĢāļĢāļĄāļāļēāļāļāļēāļĢāđāļāļīāļ, āļāļēāļĢāļĨāļāļāļļāļ, āļāļēāļĢāļāļ·āđāļāļāļēāļĒ, āļāđāļāđāļŠāļāļāđāļāļ° āļŦāļĢāļ·āļāļāļģāđāļāļ°āļāļģāļāļĢāļ°āđāļ āļāļāļ·āđāļ āđ āļāļĩāđāđāļŦāđāļŦāļĢāļ·āļāļĢāļąāļāļĢāļāļāđāļāļĒ TradingView āļāđāļēāļāđāļāļīāđāļĄāđāļāļīāļĄāļāļĩāđ āļāđāļāļāļģāļŦāļāļāļāļēāļĢāđāļāđāļāļēāļ