Looking at the recent developments, it seems that the first Bitcoin ETF with Wall Street’s ProShares Bitcoin Strategy Fund (BITO), listed on the New York Stock Exchange, has been welcomed. cryptocoin.com As we reported, the fund generated nearly $1 billion in trading volume in one day and the Bitcoin price hit an all-time high. However, BTC price later corrected, raising fears of selling. Meanwhile, a crypto expert shared the charts he watched in BTC.
What are the possible bearish and bullish scenarios for bitcoin price?
There have been historical multi-month price drops associated with major launches of Bitcoin-related products. Lark Davis (@TheCryptoLark) thinks this will apply to the ETF as CME’s 2017 launch, followed by a long bearish move. So, what bullish and bearish scenarios stand out when looking at the charts? Achal Arya analyzed.
Looking at the weekly chart, according to Arya, Tuesday and Wednesday this week; some traders have overlooked the normal bearish trend pattern on the above weekly timeframe, instilled in the fear of missing out (FOMO). While the Bitcoin price had set an all-time high of $67,000 on most crypto exchanges, it didn’t take long for the bears to bounce back as some bulls started taking some profits off the table. A deeper price correction is expected if the BTC/USDT pair breaks below the $39,600.00 support level.
What’s on the daily Bitcoin chart?
According to Achal Arya, from the daily time frame, BTC/USDT appears to be forming a hidden bullish divergence pattern if BTC price fails to break into the $53,700.00 support. “The daily chart maintains a steep uptrend as BTC/USDT is trading above the 25th level. On the other hand, RSI (relative strength index) levels below 25 should confirm a bottom price for the correction wave on the weekly timeframe.”
What does the 4-hour Bitcoin chart point to?
Looking at BTC/USDT from the intraday four-hour time frame, the largest cryptocurrency by market cap finds a price floor around the “hidden bullish divergence support” of $59,562.15 after a 10 percent price drop following its new record. looks like.
According to the analyst, the RSI on the chart also signals confidence in the price increase at the intraday level, signaling a shorter uptrend. However, a break of the $59,562.14 support could mean a bearish break at the intraday level, according to Arya. Finally, the analyst outlines the support levels at $59,562/56,818 and the resistance level at $67,000.
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