Hello friends,
It's been 24 days now that
BTC
is trapped behind the $45,000-$47,000 resistance zone, and the crypto market is still in fear and hope due to the rejection or approval of spot Bitcoin ETFs. The event provided a suitable opportunity for the growth of altcoins and caused some of them to recover some of the huge losses they suffered during the bear market.
The possible scenarios are still rising to $47,000 or falling to $34,800, which as I wrote before, in both cases, there is a possibility of
BTC
hitting the uptrend support line. Also, the RSI index, which after reaching 83, has now fallen to 74, and with the possible correction of
BTC
, it can fall even more.
In any case, considering that we have seen massive sales & purchases in recent weeks and months and there are many speculations about the market's reaction to the rejection or approval of Bitcoin Spot ETFs, contrary to what the general public thinks, it is possible that we have seen only a small bull market, and then with the possible fall of
BTC
below the uptrend support line, the market will return to bearish conditions.
Also, considering that it has been a long time since whales funds and smart money flowed from Bitcoin to altcoins, it can be expected that soon we will finally see the choice of a new path for Bitcoin.
As always this is not a financial advice & please do your own research. It is also better to save profit in this situation and avoid greed. Then, with the determination of the new direction of Bitcoin and the crypto market, make new decisions.
"Support" & "Follow" if you want to see more of these ideas.
Goodluck
It's been 24 days now that
BTC
is trapped behind the $45,000-$47,000 resistance zone, and the crypto market is still in fear and hope due to the rejection or approval of spot Bitcoin ETFs. The event provided a suitable opportunity for the growth of altcoins and caused some of them to recover some of the huge losses they suffered during the bear market. The possible scenarios are still rising to $47,000 or falling to $34,800, which as I wrote before, in both cases, there is a possibility of
BTC
hitting the uptrend support line. Also, the RSI index, which after reaching 83, has now fallen to 74, and with the possible correction of
BTC
, it can fall even more. In any case, considering that we have seen massive sales & purchases in recent weeks and months and there are many speculations about the market's reaction to the rejection or approval of Bitcoin Spot ETFs, contrary to what the general public thinks, it is possible that we have seen only a small bull market, and then with the possible fall of
BTC
below the uptrend support line, the market will return to bearish conditions. Also, considering that it has been a long time since whales funds and smart money flowed from Bitcoin to altcoins, it can be expected that soon we will finally see the choice of a new path for Bitcoin.
As always this is not a financial advice & please do your own research. It is also better to save profit in this situation and avoid greed. Then, with the determination of the new direction of Bitcoin and the crypto market, make new decisions.
"Support" & "Follow" if you want to see more of these ideas.
Goodluck
