🔥 Bitcoin Spot ETF Approved: DUMP ALARM 🚨

After yesterday's false start, Bitcoin's long anticipated ETF is finally here. However, it remains to be seen whether this ETF approval will be bullish or not.

In the long-term, definitely. Price action over the next few weeks/months is likely bearish. As mentioned before, I'm expecting a short swift pump towards 48,000$ before hitting two major resistances and dump.

Reasons
Strong pump into news. Buy the rumor, sell the news?

Top yellow resistance of the channel

48k resistance, last major resistance before the ATH.

The ETF approval is a perfect bull-trap for retail traders. Whales have already bought their Bitcoin's in the last year.

The bottom support of the channel seems like a decent bearish target. Potentially even 30k.

I will switch from bear to bull if we can get a weekly close above 50k. This indicates that the 48k resistance has been broken and will decrease the probability of a fake out. Happy to be proven wrong. Be careful for high volatility.