Bitcoin ETF News and Market Analysis
Bitcoin ETFs have seen net outflows again, around $161 million, indicating that the market is still dumping Bitcoin. This leads to a short-term bearish price trend.
technical analysis
Technical analysis suggests that the price could confirm a break below the support line (around 59,000) and start a new bullish divergence. The 3-day Bitcoin chart shows that the price is still playing with a bullish divergence. The 2-hour Bitcoin RSI is making higher lows, suggesting that we may see a bullish relief or at least sideways consolidation.
Short-term price trend
We may not see a ton of bearish momentum or bearish news action in the short term. We ideally need to see other bullish signals confirmed, such as a further pullback in the DXY. This would be another bullish signal to watch.
Trading straregy
My personal short-term trading strategy is to simply scale up and enter a long position. We are scaling into a new Bitcoin long position with a relatively low leverage position. If we continue to move further up, obviously this is good news for the long position.
Liquidity Analysis
The Bitcoin Liquidation Heatmap shows a huge upside liquidity number around 65,000 or so. In the short term, we do have some smaller liquidity levels, such as downside liquidity around 565,000. Funding rates look very negative, and Bitcoin funding rates on basically every major exchange are in negative territory, which is actually very bullish for price.
personal suggestion
Technical analysis suggests that Bitcoin price could confirm a breakout below the support line and start a new bullish divergence.
We may not see a lot of bearish momentum or bearish news action in the short term. My personal short-term trading strategy is to simply scale up and enter a long position. Liquidity analysis suggests there is a lot of liquidity above the current price, which could push the price to higher liquidity.
Support points and resistance points
Support: 51,000 - 52,000
Pressure point: 61,000 - 63,000
Ethereum Price Analysis
Currently, the price of Ethereum (ETH) remains above the 38.2% Fibonacci support level, which is located around 2860 to 2870, just below 2.9k.
technical analysis
There hasn’t been a lot of real support levels over the past day. That has changed on our chart for ETH this week and we are now seeing a bounce upwards from this descending support line and this support line is around 2890 which is very close to 2.9k which again is an important support level to watch.
Short-term price trend
Currently, we are still in a more bearish direction and are basically in some corrective markets at the moment, but we are currently bouncing off important support levels in the upcoming short term.
Support and resistance points
Support: 2,850 - 2,890
Pressure point: 3,300 - 3,380
