BTC Update (June 16, 2024)
Technical analysis:
- Deadline: 1 day
- Based on chart patterns and trends, BTC forms an ascending triangle, indicating a bullish trend.
- Support: 64,700 - 65,800
- After breaking above the 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 movement.
Fundamental analysis:
- Australia's first BTC spot ETF starts trading on June 18.
- ETH ETF launches on July 2, which could provide potential upside for #BTCâ and ETH.
Chain analysis:
- In the drop from 72,000 to 68,000, 38,000 BTC moved from exchanges to wallets, indicating that whales accumulated to an average price of 67k - 68k.
- ETFs bought over $1 billion last week and sold over $250 million this week, indicating buying pressure and a possible bullish reversal.
Liquidation:- There is a liquidation of around $1 billion in the 65K region. A possible drop to 65,000 is expected followed by an increase to 72,000.
Open positions (open interest):
- Open positions have increased with rising prices over the last month and a half, indicating an upward trend.
- The decrease in open positions in recent days along with the decrease in price indicates that this downward movement is weak and the uptrend may begin again.
Personal opinion:
- I entered BTC when it was at 60,800. I expect a drop to the 64,700-65,300 area 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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