Jan.2-Jan.8(BTC)Weekly market recap
On January 8, most BTC ETF applicants submitted updated documents on time. According to the latest news, some applicants such as BlackRock and Invesco have submitted BTC ETF securities registration applications to the SEC and have deposited seed funds. At the same time, BTC pumped to $47,000 and recovered the losses of last week.
We believe that the approval of BTC ETF is just a matter of time, as Bloomberg crypto analysts James Seyffart said that multiple BTC ETFs may be approved at the same time. But before that happens, crypto market may fluctuate significantly due to various rumors, but the long-term bullish trend will not be changed.
BTC continued to fluctuate last week and broke through the previous high on Monday, reaching 47000. In terms of trading volume, there is actually no significant increase, but it is only slightly higher than the level on working days. We continue to maintain the original resistance level 48000 and support level 38000.
Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy range has not narrowed. On the WTA indicator we see whales diverging. The blue column representing the whale appeared during the fluctuation, but the rise on yesterday was not supported by the blue column. This also reflects that the market is currently waiting for the SEC to give a reply.
Switch to level 4h. After BTC broke out of its highs, the purple wavy area widened and the bullish trend became more stable. Whales appear after BTC completes its breakout. Price is currently in a state of fluctuation.
In summary, the whales diverged, and it is still the situation of the BTC ETF that determines the movement of BTC this week. Volatility may rise rapidly this week, and price may reach the given support level or the given resistance level during the fluctuation. Hedging by going long volatility is necessary.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
We believe that the approval of BTC ETF is just a matter of time, as Bloomberg crypto analysts James Seyffart said that multiple BTC ETFs may be approved at the same time. But before that happens, crypto market may fluctuate significantly due to various rumors, but the long-term bullish trend will not be changed.
BTC continued to fluctuate last week and broke through the previous high on Monday, reaching 47000. In terms of trading volume, there is actually no significant increase, but it is only slightly higher than the level on working days. We continue to maintain the original resistance level 48000 and support level 38000.
Judging from the ME indicator, BTC continues to maintain a bullish trend, and the purple wavy range has not narrowed. On the WTA indicator we see whales diverging. The blue column representing the whale appeared during the fluctuation, but the rise on yesterday was not supported by the blue column. This also reflects that the market is currently waiting for the SEC to give a reply.
Switch to level 4h. After BTC broke out of its highs, the purple wavy area widened and the bullish trend became more stable. Whales appear after BTC completes its breakout. Price is currently in a state of fluctuation.
In summary, the whales diverged, and it is still the situation of the BTC ETF that determines the movement of BTC this week. Volatility may rise rapidly this week, and price may reach the given support level or the given resistance level during the fluctuation. Hedging by going long volatility is necessary.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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