Two weeks ago I left an analysis of $BTC in which my outlook was bullish, although don't get me wrong, it still is, however, in this post I intend to explain what we should expect from Bitcoin after the approval of these ETFs, as well as mentioning, why the price has gone down instead of up after such a positive news.
All this and much more in the development of this post:
Why has $BTC gone down after ETF approval?
The reason why the price of Bitcoin has gone down after the approval of the ETFs, is because it obeys a simple analysis that has existed for decades and is that, markets move by feelings; and being in the expectation of the approval of some ETFs that are very positive news, before the date of the decision of the SEC whether to approve them or not, there is a positive sentiment that makes investors buy more BTC.
Taking this into account, the price goes up and when the decision day arrives to approve them or not, which in this case was positive, the whales start selling parts of their positions to take advantage of the boom before the news takes place, it is as a very famous saying goes:
Buy on rumor and sell on news
What is the BTC price doing?
The $BTC is making a bullish "Cycle Close" in H4 of the symmetrical type and is within the 00 level of the "Fibonacci Retracements" and although it has not marked it, what would be missing to make buying decisions, is that the price makes a breakout of the area marked with yellow lines between $42,900 and $43,400.
Therefore, when breaking this "Resistance", we wait for the retestation to the zone and "Buy" between the above mentioned price zone, we should not wait for the beautiful closing, as soon as the price makes the break and gets closer, we buy, with a SL below $41,500, the TP would be at 46,600 approximately.
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