BITO/BTC
HI everyone. As I analyse both BTC and BITO(proshare index) and also DXY ($ index) it seems that BITO is at the top of it`s DECSENDING CHANNEL. On the other hand, in 2 candle BTC moved up from 37300 till 40000 which is a very exciting move and we must wait till pull back to it`s break even. In my opinion, BITO index can tell more than BTC chart because the smart money movement. At this point we just must to wait for the next movement of BTC for one day. Secondly, I see a small break in BITO chart which should be confirm then we can say that we are going to bull run at least till 52,000$. Overall, at this time BTC needs pull back to it`s break even(39000) and then for next move up to 43000 till 45000 first major resistance. Another scenario can be continue to its down trend till 31000.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.