$BTC To the Bottom of Ascending Channel After Spot ETFs Approval
Hello friends,
After a lot of speculation,
BTC
finally broke the $47,000 level that was our intended target on the eve of spot ETFs approval, and fell down after hitting $49,000.
If we want to check the conditions on the chart, as you can see,
BTC
is still above the uptrend support line and at the same time it is still fluctuating in the ascending channel. Some expected that after spot ETFs confirmed,
BTC
would break out of this ascending channel from above and enter a new bullish channel. But that didn't happen, and
BTC
fell back to $40,000 support after the hype surrounding the approval of spot ETFs died down.
As I wrote before, as long as
BTC
remains loyal to the uptrend support line and does not leave this ascending channel from the bottom, we can expect the continuation of the current trend and the slow and continuous growth of
ETH
and other altcoins. But leaving this ascending channel, both from the top and from the bottom, will make the story completely different.
Breakout from the bottom and weekly consolidation below the uptrend support line, heralding the beginning of a new winter for the market. But the exit from the top and the weekly stabilization above the ceiling of the ascending channel will be a positive sign for a sudden growth towards the current ATH and then to register a new ATH and become one hundred thousand dollars.
Just as some of us expected this drop after the approval of ETFs, now I personally expect
BTC
to test the bottom of this ascending channel once again. On this basis, it should definitely fall below the support level of $40,000 in order to reach the bottom of the channel around $35,000. If there is good support there, we will see a strong return to the top to attack $50,000 again. And if that support is lost and
BTC
falls below the uptrend support line, a long and terrible bear market will be waiting for users.
But if Bitcoin falls below $40,000, buying
BTC
in the $35,000 to $37,000 range can be useful and a very good idea.
Please "Support" & "Follow" to see more of these ideas.
Goodluck
After a lot of speculation,
BTC
finally broke the $47,000 level that was our intended target on the eve of spot ETFs approval, and fell down after hitting $49,000. If we want to check the conditions on the chart, as you can see,
BTC
is still above the uptrend support line and at the same time it is still fluctuating in the ascending channel. Some expected that after spot ETFs confirmed,
BTC
would break out of this ascending channel from above and enter a new bullish channel. But that didn't happen, and
BTC
fell back to $40,000 support after the hype surrounding the approval of spot ETFs died down. As I wrote before, as long as
BTC
remains loyal to the uptrend support line and does not leave this ascending channel from the bottom, we can expect the continuation of the current trend and the slow and continuous growth of
ETH
and other altcoins. But leaving this ascending channel, both from the top and from the bottom, will make the story completely different. Breakout from the bottom and weekly consolidation below the uptrend support line, heralding the beginning of a new winter for the market. But the exit from the top and the weekly stabilization above the ceiling of the ascending channel will be a positive sign for a sudden growth towards the current ATH and then to register a new ATH and become one hundred thousand dollars.
Just as some of us expected this drop after the approval of ETFs, now I personally expect
BTC
to test the bottom of this ascending channel once again. On this basis, it should definitely fall below the support level of $40,000 in order to reach the bottom of the channel around $35,000. If there is good support there, we will see a strong return to the top to attack $50,000 again. And if that support is lost and
BTC
falls below the uptrend support line, a long and terrible bear market will be waiting for users. But if Bitcoin falls below $40,000, buying
BTC
in the $35,000 to $37,000 range can be useful and a very good idea. Please "Support" & "Follow" to see more of these ideas.
Goodluck
Comment:
Well, as we talked about and expected,
BTC
started its downtrend after spot ETFs confirmed, and in the first phase corrected to $38.5K support in the center of the bullish channel. Where after providing the necessary liquidity below the level of $40K by forming a Falling Wedge pattern, it has started a new attack towards the resistance levels of $45K and $50K.
BTC
started its downtrend after spot ETFs confirmed, and in the first phase corrected to $38.5K support in the center of the bullish channel. Where after providing the necessary liquidity below the level of $40K by forming a Falling Wedge pattern, it has started a new attack towards the resistance levels of $45K and $50K.
Trade closed manually
