Bitcoin ETF approval is as close to done as we've been.
Let's discuss both Bullish and Bearish oords.
Currently, Bitcoin is trading in a range as you can see BLUE Parallel Channel in the chart.
The channel is currently in a highly volatile zone. We see $500 million in liquidations twice in the current consolidation channel.
Sooner or later we are going to break this channel in a Bullish or Bearish manner.
What if we break the channel and rally toward the upside?
On the news of ETF approval if we see a rally towards the upside and break the channel we are going to meet with the psychology resistance first $48000 to $50000 zone from where short-term holders start to offload their begs and create sell pressure.
The second resistance is around $58000 - $60000 where most of the mid-term traders target to start booking some of their profits.
What if we break down the channel?
Break down / Bearish scenario is applied on both news approval of ETF and 11th Hour Delay or Rejection.
Let's see first how its applies to the approval of ETF.
Bitcoin approval can be the sell the news event and we see the channel break down and meet with the support levels.
Currently, we are seeing 3 important support levels.
First is the resistance trendline coming from the 15th AUG 2022 high to the 14th APR 2023 High and becoming support from the 14th NOV 2023.
Second, we have a support zone $33500 - $34000 which is the technical support and holds very well in the 2021 bull market correction.
Third, we have an up-sloping trendline from the bear market lowes of 31th Dec 2022 to the 12th SEP 2023 and 13th OCT 2023.
If you ask me what I am seeing?
Truly I am seeing liquidation hunting both sides. Currently, I am holding 50% of my beg in cash and 50% deployed. Waiting for the ETF dust to settle because currently, everyone is holding their ETF trade. If whales and market makers decide to close ETF trades and start booking profits then I start deploying my remaining cash 50% cash.
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