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Spot & Futures are forming an Inverse Head & Shoulder patternSpot CRYPTOCAP:BTC shows a beautiful, forming an almost perfect, inverse head & shoulder pattern. This pattern is best for determining bottoms but it can also work at other time periods, but not with the same validity. However, IMO don't think #BTC will form it completely. Why? IMO unless something crazy happens don't see #bitcoin going sub $40k or even $50k. ----------------------------------- Futures CRYPTOCAP:BTC is also forming the Inverse Head & Shoulder pattern. Spot & Futures are holding the GREEN moving avg line. #Bitcoin is still within the 3-6 month consolidation phase but it is getting close to resolving it. Small dotted lines are SMALL trends inside the #BTC LARGE trend.
INDEX:BTCUSD
by ROYAL_OAK_INC
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
$BTC Derivatives still dictating price, NOT Spot BitcoinCRYPTOCAP:BTC & CRYPTOCAP:ETH look almost identical the last few days, that is pretty interesting. However... Stretch the chart out a bit and it is a very different story. #BTC outperformed #ETH by a decent amount. ------------------------------------ Both CRYPTOCAP:BTC showed upcoming weakness. However, Futures #BTC Money Flow went below 0 & stayed there. Spot recovered fast but #bitcoin went lower in April! Now, we see Futures Money Flow gaining momentum again. Spot has been hanging around here for a bit. Looks like derivatives are STILL dictating #bitcoin price action.
INDEX:BTCUSD
by ROYAL_OAK_INC
$BTC top could very well be inOpinion: CRYPTOCAP:BTC is likely forming a short term top. Top is March 14th. We've posted that consolidation takes anywhere between 1-3 months on average. 1 month from top would be April 13th. Coincidentally, it's where the end of the #BTC pattern would break. Sell signs signs have been there, RSI & $ Flow have been cratering. ----------------------------------------- Let's do another scenario. Top = 3/14, 3 months from then puts it at 6/14. The #BTC pattern can last until 6/6/23 (ooo 666). If #bitcoin is in a hard consolidation the pattern could last until July 15th, making it a 4 month consolidation.
CME:BTC1!
by ROYAL_OAK_INC
Looking to buy Bitcoin at 200 MA on 4hrLooking at the chart on 4hr time frame we see a good opportunity for a long entry at roughly $61,000. Reasons -Prior support at same levels (yellow line/arrow) -Key moving average support level (200 MA) -$60k potential wick area for bottom of the daily Bollinger Bands Entry method -Ladder entry -Front run the 200 MA at $61,800 -Right at 200 MA -Below catch wicks between $60k and $61k Best case scenario all bids fill down to as low as $60k, with an average entry price around just below the 200 MA on the 4hr right about $61k. I would step into the position to reduce risk. Stop loss $58k Take profit $68k
COINBASE:BTCUSDLong
by BigBitsIO
7
$BTC holding support & Moving AvgGood Morning This is certainly an interesting situation for $BTC! Perhaps #BTC may hold this area for 2 days, or more? Still think bias is more towards the downside BUT this could be an area of consolidation, why not? Spot #bitcoin charts are all over the place. This makes it harder to make calls on spot charts. ------------------------------- CRYPTOCAP:ETH on the other hand is a bit of a mixed bag. Moving averages are a better gauge on Futures so am not shocked that #ethereum bounced where it did. RSI seems to be a more accurate gauge on Spot #ETH. It is close to being oversold, not shocked it bounced. Light volume on Futures. However, heavier than normal selling on spot.
INDEX:BTCUSD
by ROYAL_OAK_INC
Weekly BTC still BULLISH longer term but pain 1st CRYPTOCAP:BTC volume is NOT heavy, small amounts of buying, mostly selling. Shorting is at the highest levels since October. People are/got FLUSHED. This is VERY healthy as it gets rid of greed. #BTC could take 1-6 months to resume up trend, Weekly chart shows #bitcoin forming a DOJI last week. 50-60k possible bottom process, we warned. -------------------------------------------- 1 Thought we were wrong on CRYPTOCAP:BTC call but it's looking more like a reality. #Michaelsaylor = horrible price picker & something's not right over there, selling lots of NASDAQ:MSTR , anyway. 2 Updated what we believe is better #BTC trajectory. 3 #Bitcoin RSI & $ Flow were at historical tops.
INDEX:BTCUSD
by ROYAL_OAK_INC
$BTC seems tired, Weekly most overextended vs AveragesGOOD MORNING The CRYPTOCAP:BTC RSI is weakening further as it hits 74k. The closer it gets to 80-100k the more risk rises. #BTC is due for another correction/consolidation, IMO. #Bitcoin $ Flow is still decent so, IMO this is not the top. A)Shows RSI peaked & Selling begins to come in. EURONEXT:FLOW was NOT strong at all. B) Volume is light before picking up. CRYPTOCAP:BTC has Heavy Buying coming in. RSI hits the peak for this run. $ Flow stable & goes higher. C) #BTC buying subsides. RSI is further weakening. $ Flow still decent but keep in mind that this is LAGGING indicator. Weekly #Bitcoin is attracted to the Green Moving Avg. This is the most overextended it has been during this run. Needs rest imo
CME:BTC1!
by ROYAL_OAK_INC
$BTC making moves, not stoppingPosted this elswhere(see profile here for more info) last night: RSI is falling on For CRYPTOCAP:BTC Futures & Spot #BTC Money Flow does look better on Futures vs Spot The #Bitcoin weekly, last chart, looks VERY interesting. We have spoken on this possibility already. The Inverse Head & Shoulder Pattern - Tends to be very bullish. --- Today This is why you DO NOT trade on indicators alone. MOMENTUM/TREND is KEY! Unless we make it CLEAR, weakness is just pointed out. CRYPTOCAP:BTC will eventually CRACK, BUT it could be 100, 120, 200k, who knows?! But it'll show signs when it begins to wane. None atm! Prefer #BTC Futures charts vs Spot charts as, to me, they give a better idea. #Bitcoin let's GO!
INDEX:BTCUSD
by ROYAL_OAK_INC
Told you $BTC has been a different animal!!!1st CRYPTOCAP:BTC chart shows the arrows pointing to the highs of this morning. 2nd #BTC chart shows where it is at the moment. This shows us that Spot #bitcoin is correcting itself and catching up to Future's price action. Futures $ Flow broke the downtrend & is rising. Bullish. Spot $ Flow is pretty even. But just like price action, this will likely correct itself and catch up. Both show lower RSI but IMO doesn't matter, yet, because the trend is strong! Told ya it's different this time! It has been different!
INDEX:BTCUSD
by ROYAL_OAK_INC
$BTC comparisons, expectation, & pattern forming To the untrained eye, CRYPTOCAP:BTC does look like a double top, but in reality it would be closer to a Triple Top, if anything. Peaks are higher & we're trading ABOVE resistance levels. IMO there is NO #BTC double top! Yesterday #Bitcoin formed an OUTSIDE DAY (this is a so so pattern) $ Flow is not great but the RSI is still HEALTHY! ------------------ Futures #BTC look a little better than Spot, shorts covered already! Strength here is better than last peak by far! ------------------- Inverse Head & Shoulder patterns are BULLISH but best at bottoms. Spot CRYPTOCAP:BTC is forming one at the moment. Drew the "expected" lines on the last chart. #Bitcoin is trading very different and this has been true for some time now. Many are making calls but are getting it wrong because of this, IMO 80-100k this year.
INDEX:BTCUSD
by ROYAL_OAK_INC
$BTC Futures showing different data vs SpotINTERESTING divergence happening at the moment with $BTC. #BTC Spot has RSI falling & sells beginning to pour in. #Bitcoin Futures has a strong RSI & some, light, selling. Wont comment on $ Flow today but will say that both paint slightly different pictures there as well. Weekly shows WHY this area will be tough. This area will not break easy. HOWEVER, IMO, what have we said? The more something hits the weaker that resistance gets. It'll likely break through. But when?
INDEX:BTCUSD
by ROYAL_OAK_INC