349
136 shares, 349 points

When we look at the latest developments, it is seen that the first Bitcoin ETF with the ProShares Bitcoin Strategy Fund (BITO) listed on the New York Stock Exchange of Wall Street has been met with satisfaction. Cryptocoin. com

As we reported , the fund generated nearly $1 billion in trading volume in one day, and the Bitcoin price hit an all-time high. However, BTC price later corrected, raising fears of selling. Meanwhile, a crypto expert shared the charts he watched in BTC.

What are the possible bearish and bullish scenarios for bitcoin price?

There have been historical multi-month price drops associated with major launches of Bitcoin-related products. Lark Davis (@TheCryptoLark) thinks this will hold true for the ETF, as was the CME’s 2017 launch, followed by a long bearish move. So, what bullish and bearish scenarios stand out when looking at the charts? Achal Arya analyzed it.

Looking at the weekly chart, according to Arya, this week is Tuesday and Wednesday; some traders have overlooked the normal bearish trend pattern on the above weekly timeframe, instilled in the fear of missing out (FOMO). While the Bitcoin price had set an all-time high of $67,000 on most crypto exchanges, it didn’t take long for the bears to bounce back as some bulls started taking some profits off the table. A deeper price correction is expected if the BTC/USDT pair breaks below the $39.600.00 support level.

What’s on the daily Bitcoin chart?

According to Achal Arya, from the daily time frame, BTC/USDT appears to be forming a hidden bullish divergence pattern if BTC price fails to break into the $53,700.00 support. “The daily chart maintains a steep uptrend as BTC/USDT is trading above the 25th level. On the other hand, RSI (relative strength index) levels below 25 should confirm a bottom price for the correction wave on the weekly time frame.”

4 What does the saadollarsik Bitcoin chart indicate?

Looking at BTC/USDT from four intraday saadollarsic tranches, the largest cryptocurrency by market cap is priced around the “hidden bullish divergence support” of $59,562.15 after a 10 percent price drop following its new record. Looks like it’s finding the base.

According to the analyst, the RSI on the chart also signals a shorter uptrend, showing confidence in the price increase at the intraday level. However, a break of the $59,562.14 support could mean a bearish break at the intraday level. The analyst finally broke the support levels at 59.562/56. It quotes $818 and the resistance level at $67,000.


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