As expected, Bitcoin is continueing the bull-trend, fueled by ETF optimism. However, with the whole market turning bullish, I'm taking a step back.
My target for this move from 26k was 48k, as often mentioned in my analyses. It seems a matter of time before 48k will be hit, especially once the ETF actually get approved and traders market buy their way in with >50x leverage.
In my most recent BTC analysis I wrote that I'm edging towards the expectation that the whole ETF approval will be a sell-the-news event. Check it out below.
As BTC moves up, it's going to hit 2 major resistances at the same time.
1: 48.000, which is the main resistance before the ATH.
2: The top of the bullish symmetrical channel.
I would not be buying at this point.
Nevertheless, I'm happy to be proven wrong. Once we confidently break through 50.000 I will switch back to a more bullish oriented market view. For now, I'm sitting on my hands.
My target for this move from 26k was 48k, as often mentioned in my analyses. It seems a matter of time before 48k will be hit, especially once the ETF actually get approved and traders market buy their way in with >50x leverage.
In my most recent BTC analysis I wrote that I'm edging towards the expectation that the whole ETF approval will be a sell-the-news event. Check it out below.
As BTC moves up, it's going to hit 2 major resistances at the same time.
1: 48.000, which is the main resistance before the ATH.
2: The top of the bullish symmetrical channel.
I would not be buying at this point.
Nevertheless, I'm happy to be proven wrong. Once we confidently break through 50.000 I will switch back to a more bullish oriented market view. For now, I'm sitting on my hands.
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UPDATE: SEC Twitter account has been compromised > ETF Announcement was FAKE