🅱️ Bitcoin Spot ETF | Strength Or Weakness?

13 gen

The highest daily close for Bitcoin this year happened 8th January. We were promised hundreds of millions, no! Billions, no! Trillions, no! Quadrillions of dollars entering the Cryptocurrency market thanks to the launch of a Bitcoin Spot ETF, what happened?

Price action has been weak lately, we do not see "straight up".
We cannot see consecutive days closing green.

Please, allow me a minute of your time... Feel free to boost and comment!
Let me show you!

This is the daily timeframe. 11-January 2024 the Bitcoin Merge goes live and we do not get a higher high based on candle close.


We can clearly see a wick toward 49,000 but the close happened lower than the 10th and 8th January. This reveals weakness...

Here is how strength looks like (early Dec. 2023)


Look at late October 2023, massive strength:


The Bitcoin Spot ETF is supposed to be the most bullish event in the history of Cryptocurrency since the Ethereum Merge and yet we get a bearish close, a weak RSI and close below support?

Are you expecting for prices to go higher?

I am here to remind you that all the information that you will ever need is already contained within the chart.

The chart is saying lower and so the market will move lower, it doesn't matter what the media says nor how many BTC were bought by Michael Saylor and BlackRock.

A correction is not a negative event, it is only negative if you are expecting a rise but instead a crash takes place, but it is never too late... We can always learn from our mistakes; Adapt & Change!

Namaste.

P.S. The low will not happen above 35/37K. Expect much lower...