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📈Ethereum: Awaiting ETF Approval📣🔍Let's dive into today's analysis. Today's focus is on ETH, which recently experienced a 28% pump in anticipation of the potential approval of an Ethereum ETF. As I mentioned in my previous analysis, breaking the $2964 level was crucial, and it provided a strong trigger for opening a position, leading to a 28% gain with a high risk-to-reward ratio. 📰Today, the final decision regarding the ETF is expected to be announced. If approved, Ethereum could see another pump, potentially surpassing the $4063 level and aiming for its all-time high (ATH) around $4600. However, if the ETF is not approved, Ethereum is likely to dump, possibly losing the $2880 support level amid market fear and excitement, which would be bad news for ETH holders. Personally, I believe the ETF is more likely to be approved, leading to another pump in Ethereum's chart. 🔔The announcement is just a few hours away. If you believe the ETF will be approved, I suggest moving to lower timeframes, finding a trigger based on your strategy, and opening a long position. Conversely, if you think the ETF will not be approved, you can apply the same approach for a short position. 📈Ignoring the ETF news and focusing purely on technicals, the RSI is significantly overbought, reaching as high as 89. This indicates high market excitement, and the RSI is now starting to come down but hasn't exited the overbought territory yet. There is a high probability of range-bound movement until the price meets the SMA25, potentially forming a box near $3798. After the SMA25 convergence, we might see renewed momentum. If the price breaks $3798 sooner, it would be even better as the resistance would be broken with more bullish momentum, allowing the price to move up more smoothly and with fewer candles. 🚀For long position targets, consider the $4063 resistance as the first target. If this resistance is surpassed, the next target would be the $4600 ATH. 📉For shorts, as long as the volume of red candles continues to decrease, I wouldn't consider shorting. To short, wait for the SMA25 to reach the candles, and if the bottom of the box breaks with increased selling volume, you could enter a risky short position. Given this would be against the primary market momentum, you should take profits quickly. 💣The main short position to watch for a complete trend reversal would be the break of the $2880 support level. 📝In conclusion, Ethereum is at a critical juncture with the potential ETF approval news imminent. If approved, we could see significant bullish movement towards and beyond $4063, aiming for the ATH around $4600. On the other hand, if not approved, Ethereum might experience a notable drop, potentially losing the $2880 support. From a technical perspective, watch the RSI and SMA25 interactions closely, and plan your trades based on the key levels and volume confirmations mentioned above. Always stay informed and be ready to adjust your strategy based on market developments.
by itsparham96
3
SPY (S&P500 ETF) - Weekly - Potential Resistance Price TestSPY (S&P500 ETF) has been in an uptrend since 2023 and is approaching its all-time-high price resistance again. $523.07 is the current all-time-high price resistance. $497.83 is the current support level price, and also the 0.236 fibonacci level. Bullish Scenario: If SPY price breaks out above $523.07, the next resistance price targets could be: $537, $550, $563, $575. Bearish Scenario: If SPY price reversse back down, a potential lower-low in the price could be set over time. Support price levels could be: $508, $497, $489, $476, $466. Note: corporate earnings, FOMC interest rate changes, government legislation, breaking news, and global events could override technical chart patterns. Date created: 05/10/2024
AMEX:SPY
by NoFomoCharts
ETH - It is Happening! 🦋Hello TradingView Family / Fellow Traders, As per my last analysis, shown in the attached chart, ETH rejected the $3000 round number and surged by over 20%. What's next? 📈As long as the $3500 round number holds, we expect a continuation towards the previous all-time high of around $4800. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! And always remember: All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
1
20/05/24 Weekly outlookLast weeks high: $67701.33 Last weeks low: $64227.62 Midpoint: $60753.92 We have lift off... maybe? Bitcoin has spent the last 2 months chopping between the low $70K's and high $50K's after a strong rally. However, it looks like strength has returned at least for now in BTC after the CPI print of Wednesday last week. This volatility influx moved BTC back above the 4H 200EMA which has been the all important level in determining the Mid - Low time frame trend. Now that price is back above I think the general sentiment would be to be more risk on, especially in terms of leverage than we've seen in the last few weeks. Not necessarily saying this is an ideal entry, just I think more confidence is returning to Bitcoin. The altcoin market on the other hand with exception to a few top performers is lagging behind BTC, and that can be seen by the Bitcoin dominance at 56% currently and targeting local highs. For altcoins to begin reclaiming some of their loses we'd need BTC to get back above the '21 high of $69K. Also, we have the ETH ETF approval deadline for VanEck and ArkInvest/ 21Shares on the 23rd &24th May respectively. Coinbase believes the odds of approval are closer to 30-40% so it would be a shock if these ETF's were approved by the SEC, however, if they were to be approved this could help kickstart the altcoin market again. For this week it's about seeing if BTC can capitalise on last weeks progress and target the '21 ATH. The purple trendline needs to be respected on the way up otherwise I think we'll retest the MIDPOINT or even the 0.25 area.
by ProR35
3 Different Bull Scenarios for BTC Apr-May 2024 🍃🌻🥵I should preface and say that these 3 different predictions are based off a similar price action that occurred between June and July 2017, where the sentiment for BTC was very similar to the current sentiment we face here in April and May 2024. I believe that a lot of the run up of this bull market for the next year or so will be similar to 2017 where positive news for BTC keeps coming. I know some argue the ETFs don't play a big role in price action, but I strongly disagree long term. If BTC has taught me anything throughout the years it's that information and knowledge of the asset has only strengthened its fundamentals and allowed it to prosper to what it is today. When individuals truly understand the benefit of having BTC in their portfolio (or even retirement), it's a notion/idea that can't be easily shaken off. Given that interest rates are likely to be cut later this year and inflation showing no signs of slowing down, I think it's impossible for me to be bearish on BTC. The largest asset managers in the world will not stop hyping up BTC and their ETFs. This all being said, I was very wrong about the short term price action and am re-evaluating possible scenarios that may play out in the next 2 months. June-July 2017 was a moment in time where BTC just pressed up against $3,000, got rejected, and it took an entire month for it to eventually blow straight through. While the overall sentiment seems very positive for BTC right now, the one thing we cannot mentally get past is that $70k barrier. And while we have passed it, it was not held convincingly. Maybe we got too ahead of ourselves thinking this could keep running up with no pullback- I know I definitely did. I'm more bullish than I ever have been, but I think recognizing that the market does not move as fast as we always want it to is important. For ETFs, these products take time to prosper in markets. Luckily for us, the crypto markets move quick (relative to other markets). So here are 3 bullish scenarios. If anyone watched, that dump last night was aggressive. This is trader's territory now. If there is no bounce within the coming days (I don't expect there to be a big one), then we will continue bleeding out to $61-59K. I think it's going to take some real FOMO to be witnessed if we want this bounce to be grand. These bull market cycles have taught me that just one strong bounce alongside ongoing positive news can completely switch the narrative and price action. Because the truth is, there has been almost no bad news for BTC since January. If there has been, please enlighten me. Because most of the negative Crypto news I read is related to other coins (worth noting I hold ETH as well). So breathe in, hold it.... and breathe out. We will be okay. This bull market is just getting started. The positive sentiment, good news, and true value of BTC are all very real. Honestly I hope I'm wrong and we shoot up ASAP. Unfortunately, price action I don't think is always necessarily timed out accordingly with factors such as sentiment and news. Let the short term traders do their thing, and HODLers will still end up rewarded in the longer term. But as always, BTC has humbled and continues to humble me. Good luck traders and HODLers!
COINBASE:BTCUSDLong
by seqwhence
4
ETH - Bullish Continuation⁉️Hello TradingView Family / Fellow Traders, 📈As per my last analysis, ETH broke above the previous major high at $3000 and is currently trading higher. What's next? ETH is currently bullish short-term trading within the rising wedge pattern marked in orange. 🏹As long as the lower orange trendline and the $3000 support hold, a continuation towards the upper bound of the orange and blue channels would be expected around $3333. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Richard Nasr
by TheSignalyst
3
State of Wisconsin Invests in Spot BTC ETFs BTC, ETH jump after inflation eases: The Consumer Price Index jumped 0.3% in April, ending three consecutive months of elevated inflation readings and lifting hopes of a rate cut later this year. Bitcoin and ether prices rallied 7.6% and 5.3% Wednesday. Roaring Kitty returns, sending meme coin soaring: Vince Gill, the meme stock leader who rose to fame in 2021 under the pseudonym “Roaring Kitty,” announced his return on Twitter/X on Monday. Shares of Gamestop and AMC soared the next two days before retreating. But one meme coin reaped the benefits. US Senate overrules SEC: The US Senate voted 60-38 on Thursday to override an SEC rule that requires crypto custodians to treat customer assets as liabilities. But President Joe Biden is expected to veto the measure, and the US House has work to do to get the two-thirds majority needed to override the veto. Wisconsin becomes BTC Bull: The State of Wisconsin Investment Board revealed in a filing Tuesday that it had amassed roughly $162 million worth of shares in spot BTC ETFs with BlackRock and Grayscale. It marked the first time a state pension fund publicly declared an ownership stake in spot BTC ETFs. US Senators upset over crypto mixer treatment: US Senators Cynthia Lummis (R-Wyo.) and Ron Wyden (D-Ore.) have sent a letter to the US (DOJ) contesting a recent decision from FinCEN that said it would treat crypto mixers as money transmitters, opening up software developers to potential charges. New Vanguard CEO not rushing into crypto ETFs: Vanguard named Salim Ramji as its new CEO on Tuesday, raising speculation that the former BlackRock executive would introduce a Vanguard spot BTC ETF after Ramji oversaw the launch of iShares Bitcoin Trust at BlackRock. However, Ramji cast doubt on launching a Vanguard spot BTC ETF in an interview with Barron’s. 🎮 Topic of the Week: What is a short squeeze? The GameStop saga 👉 Read more here
GEMINI:BTCUSD
by Gemini
Bitcoin $Btc #Btc KISS (keep it simple stup*d) Your job is really so much easier than you think right now. Just buy the lines and sell the boxes and you'll be fine over the next few months. IF you get scared and feel your bag is bigger than you are comfortable with on the way down the begin using the same lines above as you get below them to trim on the way back up just enough to stay within your comfort levels. In the BIGGER picture i think this cycle is far from over and there will be plenty more opportunities along the way to make $ buying the lows and selling the highs. #Bitcoin
COINBASE:BTCUSD
by rarebreed29
Has the Bitcoin Market Become More Manipulated After ETFs? The long-awaited approval of a Bitcoin exchange-traded fund (ETF) in late 2023 undoubtedly marked a turning point for the cryptocurrency. However, with this institutional influx, concerns regarding increased market manipulation have also surfaced. Let's delve into whether these concerns hold water and what the future might hold for Bitcoin's volatility. Pre-ETF Era: A Wild West of Wash Trading Market manipulation in Bitcoin wasn't exactly a new phenomenon before ETFs. Wash trading, a tactic where investors buy and sell the same asset repeatedly to inflate its trading volume, was a prevalent concern. This created an illusion of high demand, enticing others to invest and driving prices up artificially. Mark Cuban, a prominent crypto investor, even predicted wash trading as the "next possible implosion" for the industry in early 2023 . The Double-Edged Sword of Institutional Investors The arrival of big players with the ETF has undeniably brought more regulation and scrutiny to the market. This, in theory, should deter blatant manipulation tactics. However, the sheer volume these institutions trade with can also influence prices significantly. The question isn't whether they manipulate, but rather how their trading strategies might unintentionally impact market behavior. A Glimpse into the Recent Controversy A recent Wall Street Journal report alleging that Binance, a major cryptocurrency exchange, fired an investigator uncovering market manipulation by a VIP client reignited concerns . This incident highlights the potential conflicts that can arise when profit margins clash with regulatory compliance. So, Has Manipulation Increased? The answer is complex. While blatant wash trading might be less prevalent, the impact of institutional trading volume and potential conflicts within exchanges are new considerations. It's likely that the nature of manipulation has evolved, becoming more subtle and potentially harder to detect. A Future of Stability or Stagnation? The influx of institutional investors could indeed lead to a more stable Bitcoin market, mirroring traditional stock indices. This would be a far cry from the explosive, volatile growth Bitcoin has seen in the past. However, this stability might also come at the cost of reduced returns for investors hoping for another Bitcoin boom. The Long Hodler's Perspective As a large language model, I can't claim to be a "hodler" (long-term Bitcoin holder). However, historical data suggests that Bitcoin has weathered similar periods of regulation and scrutiny before. The key takeaway is that despite potential manipulation, Bitcoin's underlying technology and its core value proposition as a decentralized currency still hold significant appeal. The Road Ahead The future of Bitcoin manipulation hinges on two key factors: 1. Regulatory Strength: Stronger regulations with clear guidelines and robust enforcement mechanisms are crucial to deter future manipulation attempts. 2. Transparency on Exchanges: Exchanges need to be more transparent about their trading practices and address potential conflicts of interest. Conclusion Whether Bitcoin morphs into a stable, institutionalized asset or maintains its volatile character remains to be seen. However, the fight against manipulation, regardless of its form, will be critical in ensuring a fair and healthy Bitcoin market for all participants.
BITSTAMP:BTCUSDEducation
by bryandowningqln
1
BTC - Bearish Short-Term Until...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. 📉 After breaking below the last major low in red, BTC has been bearish from a short-term perspective trading within the falling channel marked in red. 🏹 For the bulls to regain control, a break above the upper red trendline is needed. Meanwhile, further bearish movement towards the lower bound of the red channel would be expected. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
1
CQQQ May 7th TTR UpdateTheTradersRoom is very long #CQQQ from much lower levels and looking to hold this one till at least we see 2-3x gains on it. We have entered it first days of Feb and very happy with the result. China is recovering and Im expecting a perfect inversion alignment to QQQ here into the end of the next year. It was a clear breakout from the downtrend channel last week. If the broken channel gets tested from above, it will be a perfect opportunity to add into our long position.
AMEX:CQQQLong
by TheTradersRoom
PILL 3x Leverage Medical/ Pharma ETF for swing LONGAMEX:PILL On the 4H Chart, current market price is sitting on the support of order blocks and the EMA200, while in an uptend from a double bottom in the sprint. It is moving into the high volume area of the voluxme profile. For the swing trade, the stop loss is $0.10 below the EMA200 while the targets are marked based on a combination of the horizontal resistances of prior swing pivots along with sell order blocks and the structure of the volume profile. Accordingly, this trade risks $0.60 for about $ 4 to $ 5 of upside making for an excellent swing setup especially since healthcare, medical and pharmacueticals are known to be recession resilient and ETFs are inherently diversified making leveraging a risk probably worth taking.
AMEX:PILLLong
by AwesomeAvani
🔥 Bitcoin Blood In The Streets: A Great Buy Opportunity?""The time to buy is when there's blood in the streets." A quote that most traders are familiar with. It basically means to buy assets during periods of weakness. Bitcoin is currently experiencing a very volatily bearish period. With a daily RSI sitting around 32 points, it takes just one red day for the daily RSI to hit oversold levels. During strong long-term bullish trends, buying when the daily RSI hits oversold generally indicates a great time to buy. Seeing that the overall trend has been bullish for almost 1.5 years, I wouldn't pass on a potential swing-trade. Chances are that this is the final dip before 100k. Do I know for sure? No. However, it's a bet I'm willing to take. My overall perception is that there's likely more selling ahead from this point, but we cannot ignore statistical data. You buying the dip? Interested to hear your thoughts.
Long
by FieryTrading
8
🔥 Bitcoin Copying 2019? Massive Dump PotentialIn this analysis I want to discuss the possibility that Bitcoin is copying the 2019 mid-cycle bull-market and the following bear market. I don't see this as the most likely scenario, but it's still a scenario that can happen one way or another. As seen on the chart, Bitcoin saw a massive ~370% gain after bottoming in November 2022. A similar gain was achieved back in 2019, which ended up in a ~70% drop. I'm aware that the majority of the drop was caused by the COVID-dump. But, since the post-COVID bull-market also followed previous market patterns I don't see why we can't have a 70% dump again. A 70% dump from the 74k top would result in a move towards ~22k, a major hit for crypto as a whole. Furthermore, this would strongly diminish the probability of BTC topping out in Q4-2024 as mentioned in my analysis below. Maybe this cycle is going to be different all together? We reached a new ATH before the halving for the first time ever, so chances are that the cycle-theory is dead and that BTC is behaving as a highly volatile stock? Interested to hear your thoughts!
INDEX:BTCUSDShort
by FieryTrading
16
Spot Bitcoin ETFs Surge – A Bullish Signal for Market Adoption?Welcome to a pivotal moment in the Bitcoin market! As we witness the launch of several spot Bitcoin ETFs, including giants like Fidelity's FBTC, Bitwise's BITB, and Franklin Templeton's EZBC, the landscape of cryptocurrency investing is evolving before our eyes. First-day volumes paint a promising picture, with funds that 'Buy Bitcoin' directly, such as FBTC (Fidelity), BITB (Bitwise), and EZBC (Franklin Templeton), accounting for a significant 14.06% of the total volume. This direct investment approach is injecting fresh capital into the spot Bitcoin market, hinting at a bullish outlook for Bitcoin adoption and price movement. Let's not overlook the powerhouses that follow Bitcoin's price through derivatives, such as the ProShares Bitcoin Strategy ETF (BITO) and Grayscale's GBTC, which command an impressive 85.94% of the total volume. While they may not directly purchase Bitcoin, their market presence can't be ignored, as they reflect growing investor interest and add to the overall Bitcoin market depth. With the potential move to a T+1 settlement cycle, the market could see increased efficiency and a more immediate impact from ETF inflows. This could be particularly beneficial for ETFs purchasing Bitcoin, as it allows for quicker capital deployment, enhancing the responsiveness of the market to new investments. But let's temper our optimism with a dose of reality. It's crucial to remember that not all ETFs are created equal – some provide direct exposure to Bitcoin's price movements, while others offer a more nuanced approach through futures and other financial instruments. The true impact of these funds will unfold with time, as we closely monitor their influence on market demand and price dynamics. In essence, the influx of new Bitcoin ETFs could be a harbinger of increased adoption and integration of Bitcoin into the mainstream financial world. This is a bullish sign for those of us optimistic about the future of digital assets. Stay tuned for more updates as we navigate this exciting phase of market growth. And remember, despite the complexities, the introduction of these ETFs is a step toward broader acceptance and a testament to Bitcoin's enduring allure. So..still very Bullish news... still very Good news! One Love, The FXPROFESSOR 💙
by FX_Professor
45