Hello folks,
As we approach the end of 2023, and with the new year 2024 on the horizon, let's simplify our weekly chart discussion, focusing on key topics.
1. The Bitcoin Spot ETF: Amid the anticipation of traditional institutions entering crypto, concerns are widespread. A positive outcome from the ETF could propel a quick move toward
52K
, followed by a potential rejection.
2. The game of S&R (Support and Resistance): BTC has established a robust S&R range between $30k and $47k. While $47k hasn't been reached yet, a new resistance has formed at $44k in a lower timeframe.
3. The Correction: Despite expectations of a correction since October, BTC hasn't shown one. Eyes are on the $30k support for a potential final drop.
4. The RSI: Already in the overbought zone, signaling a potential major correction soon.
Strategy:
i) Keep the majority of your portfolio in USDT.
ii) Consider selling 50% of BTC holdings only if it reaches
52K
; otherwise, wait for accumulation.
iii) Utilize leverage and futures trading with 10% of the entire portfolio.
iv) Exit any recently acquired spot holdings.
Conclusion: BTC may still have room to reach the $47k resistance level, especially with the potential positive impact of the BTC Spot ETF approval.
Trade safely.
Regards,
Team Dexter.
As we approach the end of 2023, and with the new year 2024 on the horizon, let's simplify our weekly chart discussion, focusing on key topics.
1. The Bitcoin Spot ETF: Amid the anticipation of traditional institutions entering crypto, concerns are widespread. A positive outcome from the ETF could propel a quick move toward
52K
, followed by a potential rejection. 2. The game of S&R (Support and Resistance): BTC has established a robust S&R range between $30k and $47k. While $47k hasn't been reached yet, a new resistance has formed at $44k in a lower timeframe.
3. The Correction: Despite expectations of a correction since October, BTC hasn't shown one. Eyes are on the $30k support for a potential final drop.
4. The RSI: Already in the overbought zone, signaling a potential major correction soon.
Strategy:
i) Keep the majority of your portfolio in USDT.
ii) Consider selling 50% of BTC holdings only if it reaches
52K
; otherwise, wait for accumulation. iii) Utilize leverage and futures trading with 10% of the entire portfolio.
iv) Exit any recently acquired spot holdings.
Conclusion: BTC may still have room to reach the $47k resistance level, especially with the potential positive impact of the BTC Spot ETF approval.
Trade safely.
Regards,
Team Dexter.
