As we can see volumes have dropped significantly in BTC ad other assets during the past couple of weeks, as we recently posted we in a way wanted BTC to rise back above $6500 however what now is in the back of my mind is the pending ETF decision in 2 days and if that is going to have a negative effect on values of BTC and Alts as investors turn to crypto safe havens such as the new stable coins and the usual tether.
Coupling the fact that the recent rise of BTC over $6500 was actually due to the USDT sell off which caused the so called stable coin to drop 4% I have my reservations that these ETF decisions aee going to a positive effect infact I am only expecting a bull run to start in the close future based on if the fed says yes, which is unlikely in my humble opinion.
My play is currently to watch whilst funds are safely in fiat value, and when there is a clear trend breakout I will place another trade either long or short.
Stay tuned guys and feel free to follow us on here and over 5k channel on telegram @cryptocopyfunds
Nice idea on BTCUSD and there may be bullish bias as you have identified. For our set up, we have identified the key support and resistance levels. The support that we have identified is at 6446.8. It is a horizontal swing low support, with 100% Fibonacci extension and 78.6% Fibonacci retracement. Stochastic is approaching its support and we might see a corresponding rise in price should it react off this level. If a corresponding bounce does occur, we may want to look at the 7419.1 resistance level. There is a 61.8% Fibonacci extension. Excited to see how things develop.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.