AlpacaCrypto

Don't be alarmed if Bitcoin has a small pull-back this week

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Everyone is expecting a massive rally due to the launching of the Bitcoin Futures ETF this week, but I wouldn't be surprised if we have a small pull-back instead, and also wouldn't be alarmed over it either. A lot of people may speculate that this is the end, comparing it the the launch of Bitcoin Futures being the ultimate end in 2017/18, but that just doesn't appear to be the case here if we are to get a pull-back. We had a $20k run-up in a little under a month, are currently slightly over-bought on the RSI and are showing declining bullish momentum on the MACD. A pull-back to the bottom of the current channel this week where the ascending trend line meets at around $58k before bouncing and challenging the ATH at the top of the channel should almost be expected if you ignore the news cycle.

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