Dear Friends,
You may all be frustrated and fed up with the crypto prices are being going down all these days.
In other 10 days, it is expected that ETH ETF would be started traded in the market.
If it is done, BTC dominance would greatly come down in the cryptomarkets and it helps all the other ALT coins to pump.
We all need to understand the market psychology.
It never indicates a positive upcome to signal the buyers to buy.
So at this crucial juncture, all the opportunities that the markets gives, consider this as a buying chance.
If we get into the BTC technicals, BTC currently trading at $ 62956.
It has broken its support at $ 63300 and trades lower.
The RSI nearly overzone region.
It took good support at 1.68 region. At this point, we could also see a major trendline also. But it failed to cross the 100 Day EMA.
Let's see the heatmap to understand with a different perspective.
We could see at the 63000 level, there are so much liquidity.
These are the liquidation levels of the long positions.
If we sell at this moment, the whales could easily fill their buying bags at this level.
This would change dynamically quite often.
If it slips further, there is a strong support at the 60600 level. If it also breaks, the ultimate support would be around 58000 level.
If whales decide to pump up the BTC price, they will buy further in the $ 63000 level.
If you zoom out the market, you can clearly understand that the history would repeat.
If ETH ETF would start to trade, many would sell BTC and would switch over to ETH. Then BTC may see a dump also around $60000.
But at that time, there will be a massive pump in ETH and ALT coins. There would be a massive inflow inflow the ETH ETF.
But no one know what would happen with the ETH ETF inflow as this is the first time we are going to witness this.
Let's prepare for that and plan the strategy accordingly.
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Watch out my previous article
1. What is your investment plan with this data?
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