Bitcoin : Why the ETF News is BEARISH for BTCHi Traders, Investors and Speculators of Charts📈📉
The Bitcoin ETF approval is expected to be announced any day now - but wat does this mean for the price of BTC?
When there's an unprecedented event that will affect the markets, it's helpful to return to the basics:
👉 Buy the rumor, sell the news
👉 Macro Analysis
👉 Candlestick analysis
👉 Buy the rumor, sell the news
If the ETF should be declined (which seems unlikely), the price will definitely react negatively. But if the ETF is approved (as most widely anticipated), the price will likely also drop as the classic dump after good news.
👉 Macro Analysis
Bitcoin is due for a correction / pullback. Even dropping to lower 30K zone would still be a lower high, classic Elliot Wave Theory before the next upwards impulse wave.
👉 Candlestick analysis
BTC has made 5 consecutive green candles in the MONTHLY. A red one is definitely overdue. This will support as a "fundamental reason" for the ETF news.
NOTE that I am still BULLISH on BTC. We're in the opening moments of a new bullish cycle, but there are pullbacks and corrections in upward cycles - and I'm expecting one around the time of the ETF news.
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