BTC Update (June 16, 2024)
Technical analysis:
- Time Frame: 1 Day
- Based on chart patterns and trends, BTC is forming an ascending triangle, indicating an uptrend.
- Support: 64,700 - 65,800
- After breaking ATH, the next resistance levels are 78,900 and 85,000.
- A correction to 64,900 is expected in the short term, followed by a strong upward move.
Fundamental Analysis:
- Australia's first BTC spot ETF begins trading on June 18.
- ETH ETF launches on July 2, which could provide potential upside for #BTC☀ and ETH.
Onchain Analysis:
- In the drop from 72,000 to 68,000, 38,000 BTC were moved from exchanges to wallets, indicating that whales accumulated at an average price of 67k - 68k.
- ETFs bought more than $1 billion last week and sold more than $250 million this week, indicating buying pressure and a possible bullish reversal.
Liquidation:- There is liquidation of around $1 billion in the 65K region. A possible decline to 65K followed by a rise to 72k is expected.
Open Positions (Open Interest):
- Open positions have been increasing with the price increase for the last 1.5 months, which indicates an upward trend.
- The decrease in open positions in recent days along with the price decrease indicates that this downward movement is weak and the upward trend may begin again.
Personal Opinion:
- I entered BTC when it was at 60,800. I expect a drop to the 64,700-65,300 region followed by a return to 78,900.
Note: This analysis is valid for the next 30-40 days. Do your own research before making any decisions.
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