👀On June 7, the total net inflow of Bitcoin spot ETFs was $131 million. Grayscale ETF GBTC had a single-day outflow of $36.3411 million, and BlackRock ETF IBIT had a single-day inflow of $168 million. The total net asset value of Bitcoin spot ETFs is $61.104 billion
The weekend made many crypto enthusiasts nervous. A sharp collapse of BTC by 15%, where alts completely flew down by 30-40%.
Honestly, I didn’t even worry about the market for a second. On the one hand, this was an expected event. On the other hand, this is ordinary panic.
Of course, I am sure that many inexperienced guys sold their positions in fear during this fall. Most did this in loys, when it was already time to buy back. Today we see the cue ball above $65k, which is +10% of the loys.
The market calmed as Iranian authorities said they had completed their operation and Israel decided not to retaliate. Plus, there was some positivity this morning.
The Hong Kong SEC has approved applications by Bosera Capital and HashKey Capital Limited to launch spot Bitcoin and Ethereum ETFs. The launch of spot ETFs in Hong Kong could stimulate additional demand in the $25 billion market.
Now we will see a fight between two countries, two national ETFs. Positive? Definitely! It's only beginning.
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After the asset transitioned from a bearish to a bullish phase, we could observe multiple manipulations of local liquidity in the form of false breaks in the structure and captures of past extremes in the form of swing highs, as well as swing lows.
✅In the short term, I expect to see a local exit upward with consolidation above the very important mitigation level of $129.72, this will be exactly the starting point for subsequent growth.
✅In the more medium term, I am 90% sure that we will see an acceleration of the already upward trend, which means that we will see sticks up by 10-30%.
✅And of course, in the long term, our goals are the two swing highs above, namely $216 and $296.6.
🔥As a result, we can safely say that the upward trend will continue, due to good reactions to support zones and strong buyback from the market maker.
I will build a position starting from current values and ending with a grid of limit orders to $114
Technical analysis (TA) is, essentially, the practice of examining previous market events as a way to try and predict future trends and price action. From traditional to cryptocurrency markets, most traders rely on specialized tools to perform these analyses, and the RSI is one of them.
The Relative Strength Index (RSI) is a TA indicator developed in the late 1970s as a tool that traders could use to examine how a stock is performing over a certain period. It is, basically, a momentum oscillator that measures the magnitude of price movements as well as the speed (velocity) of these movements. The RSI can be a very helpful tool depending on the trader profile and their trading setup.
How does the RSI indicator work?
By default, the RSI measures the changes in an asset's price over 14 periods (14 days on daily charts, 14 hours on hourly charts, and so on). The formula divides the average gain the price has had over that time by the average loss it has sustained and then plots data on a scale from 0 to 100.
As mentioned, the RSI is a momentum indicator, which is a type of technical trading tool that measures the rate at which the price (or data) is changing. When momentum increases and the price is rising, it indicates that the stock is being actively bought in the market. If momentum increases to the downside, it is a sign that the selling pressure is increasing.
The RSI is also an oscillating indicator that makes it easier for traders to spot overbought or oversold market conditions. It evaluates the asset price on a scale of 0 to 100, considering the 14 periods. While an RSI score of 30 or less suggests that the asset is probably close to its bottom (oversold), a measurement above 70 indicates that the asset price is probably near its high (overbought) for that period.
Although the default settings for RSI is 14 periods, traders may choose to modify it in order to increase sensitivity (fewer periods) or decrease sensitivity (more periods).
BTC ℹ️ few weeks of sideways movement and building support, and sometimes a 20-30% correction in that region. Regardless, Bitcoin looks very bullish, and we can confidently say that the next leg up is only a matter of time. We have seen selling pressure from Grayscale recently; the weak and paper hands can be found panic-selling according to on-chain data that shows new buyers tend to sell in recent days, while experienced traders and BTC whales have rebought during this correction. The sell pressure is over from the retail side, and the funding rate has already cooled down.
I liked seeing Bitcoin retesting the previous ATH level in the 60k region. Watch the chart closely, and you will notice a very strong resistance at 60k at the beginning of 2021. Then, in October 2021, you can see how Bitcoin managed to break out above the mother of all resistances at 60k and reached the ATH of 69k before entering the bear market. Now, Bitcoin seems grown-up enough to handle this pressure at 60k and easily stays above it without much trouble. You can clearly see how the previous 60k resistance is slowly turning into a strong support, forming our base for the incoming super cycle, which is loading and only a matter of time.
For me, there is no reason to be scared; these corrections are pretty normal in every bull market. Remember, the halving is coming in 24 days, and the mother of all bull markets hasn't even started yet. Patience, we have a lot of green coming, and I keep accumulating new coins that are worth it for a long-term investment, coins I have spent hours researching and post them in VIP.