Staying Cautious on Bitcoin Until After the ETF Decisions
I don't know about you, but with all of the hype for the Bitcoin ETF going on, I am staying pretty cautious in the markets right now. Even though there are some big movements going in other altcoins, most eyes are watching good ole BTC.
Nobody truly knows what is going to happen, there is a ton of speculation going on and the price action we are seeing is people trying to buy coins before the hedge funds go nuts with their money.
Many say it will be a 'sell the news' kind of event. This may be the case. In 2017, the Grayscale Bitcoin Trust opened up futures trading on the CME, and that is what started the collapse of that market cycle. So who really knows.
In times of crazy news cycles like this, I pay more and more attention to the charts for my direction. Right now I am seeing Bitcoin hitting a very solid line of resistance. It needs to break through the 48K level and find it as support for me to be more bullish. If we get rejected on the news, we could see a big dip down to the high 30's or low 40's which is where, if the ETFs pass, the hedge funds will be looking to scoop up. So don't be surprised to see some market manipulation going on.
So we may see some fireworks for sure in the next couple of days, but whether they are red or green fireworks has yet to be seen. I am just staying cautious and not going to make impulsive decisions either way.
What are your thoughts on the Bitcoin ETFs and where do you think the price will go?
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Many of my cryptocurrency related articles as well as trading articles can also be found on my crypto research site, Coin Logic.
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