BitcoinShort
💡BTCUSD ANALYSIS💡
Updated
Hello Valued Friends,
Technical Analysis:
Daily Bearish Shark: When examining the daily chart, we can observe that the Bearish Shark formation has completed.
*The first target of 29275 has been reached.
The second target is 28200
The third target is 26789
Daily and weekly closes above 32650 are important levels to be monitored.
Daily Bullish Bat: Another possibility on the daily chart is the formation of a Bullish Bat pattern in a different area. This formation could herald an upward move following a downtrend.
Potential Weekly Bullish Shark Formation: When inspecting the weekly chart, we notice the potential formation of a Bullish Shark pattern.
Additionally, I am monitoring the weekly chart up until the 6th-7th month of 2024. Significant price levels are marked on the chart.
https://www.tradingview.com/x/AbTr1P5J
Short-term expectations point towards a downward direction in technical terms. However, for the long term, around the 6th, 7th, and 8th months of 2024, I anticipate a significant rise based on the fundamental factors depicted in the chart.
Furthermore, I have been using the speed resistance fan shown in the image for a long time. When it breaks the all-time high price, fan directions could prove useful.
https://www.tradingview.com/x/rU1Uwmge
Fundamental Analysis:
Particularly, the halving event in March-April 2024 and the BlackRock SPOT ETF application, which will be decided in February 2024, hold importance for the future of cryptocurrencies.
Bitcoin Halving: The Magic of Limited Supply
In March-April 2024, the Bitcoin network's reward system, known as halving, will occur. This means that the amount of Bitcoin miners receive per block discovery will be halved. Such halving events facilitate a controlled reduction of Bitcoin's supply. Historical instances indicate that each halving has led to a price increase in Bitcoin.
BlackRock SPOT ETF: Could it Accelerate Institutional Acceptance?
One of the crucial steps for wider acceptance of cryptocurrencies in the financial world is the creation of products that facilitate access to crypto assets by major financial institutions. The anticipated outcome of BlackRock's SPOT ETF application in February 2024 holds significance in this regard. If approved, it could provide a more straightforward and secure avenue for traditional investors interested in crypto investments.
So, What Negative Factors Could Impact the Market at Any Moment?
Bankruptcy of a Major Crypto Exchange:
The insolvency or distress of significant exchanges could heighten market sensitivity. Such a situation could trigger trust issues and price fluctuations.
Issues with Stablecoins:
Problems with stablecoins, especially popular ones like Tether, could lead to market fluctuations. If a stablecoin loses value or its reputation, it could have significant effects on the crypto market.
In conclusion, the market is risky, and being cautious while practicing risk management is essential.
Technical Analysis:
Daily Bearish Shark: When examining the daily chart, we can observe that the Bearish Shark formation has completed.
*The first target of 29275 has been reached.
The second target is 28200
The third target is 26789
Daily and weekly closes above 32650 are important levels to be monitored.
Daily Bullish Bat: Another possibility on the daily chart is the formation of a Bullish Bat pattern in a different area. This formation could herald an upward move following a downtrend.
Potential Weekly Bullish Shark Formation: When inspecting the weekly chart, we notice the potential formation of a Bullish Shark pattern.
Additionally, I am monitoring the weekly chart up until the 6th-7th month of 2024. Significant price levels are marked on the chart.
https://www.tradingview.com/x/AbTr1P5J
Short-term expectations point towards a downward direction in technical terms. However, for the long term, around the 6th, 7th, and 8th months of 2024, I anticipate a significant rise based on the fundamental factors depicted in the chart.
Furthermore, I have been using the speed resistance fan shown in the image for a long time. When it breaks the all-time high price, fan directions could prove useful.
https://www.tradingview.com/x/rU1Uwmge
Fundamental Analysis:
Particularly, the halving event in March-April 2024 and the BlackRock SPOT ETF application, which will be decided in February 2024, hold importance for the future of cryptocurrencies.
Bitcoin Halving: The Magic of Limited Supply
In March-April 2024, the Bitcoin network's reward system, known as halving, will occur. This means that the amount of Bitcoin miners receive per block discovery will be halved. Such halving events facilitate a controlled reduction of Bitcoin's supply. Historical instances indicate that each halving has led to a price increase in Bitcoin.
BlackRock SPOT ETF: Could it Accelerate Institutional Acceptance?
One of the crucial steps for wider acceptance of cryptocurrencies in the financial world is the creation of products that facilitate access to crypto assets by major financial institutions. The anticipated outcome of BlackRock's SPOT ETF application in February 2024 holds significance in this regard. If approved, it could provide a more straightforward and secure avenue for traditional investors interested in crypto investments.
So, What Negative Factors Could Impact the Market at Any Moment?
Bankruptcy of a Major Crypto Exchange:
The insolvency or distress of significant exchanges could heighten market sensitivity. Such a situation could trigger trust issues and price fluctuations.
Issues with Stablecoins:
Problems with stablecoins, especially popular ones like Tether, could lead to market fluctuations. If a stablecoin loses value or its reputation, it could have significant effects on the crypto market.
In conclusion, the market is risky, and being cautious while practicing risk management is essential.
Note
Shark Tp2Note
Shark Tp3
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