News
Breaking news: The U.S. Securities and Exchange Commission (SEC) has approved a Bitcoin spot ETF, marking another milestone for the cryptocurrency industry!
This is a historic moment as the Bitcoin spot ETF has been approved, with a total of 11 ETFs approved at once, and they will be listed on the U.S. stock market tonight. BlackRock: It is expected that the spot Bitcoin ETF will begin trading on Nasdaq tomorrow. BlackRock stated that its Bitcoin spot ETF (IBIT) has successfully passed the final approval hurdle by the SEC. IBIT seeks to track the price of Bitcoin and is expected to start trading on Nasdaq on January 11, 2024, Eastern Time! Pay attention to the trading volume. If the trading volume does not meet expectations, the major positive news may turn into short-term negative news.
However, the approval of the Bitcoin spot ETF represents a new era for the cryptocurrency, even though the SEC chairman stated that the listing does not mean he approves of it. This is a legitimate channel for funds to enter. If brokerages can easily buy into Bitcoin indices, would you still go through the trouble of trading on some exchanges? Are you worried about the safety of some exchanges? At least this concern has been dispelled. So, in the long run, it is definitely positive, and it is a long-term positive. It's like when major companies held Bitcoin in the previous round. No matter how big the impact was, the significance is enormous!
Market Analysis
Looking at the two-hour chart, we can see that yesterday the price dipped to around 44300, which is a retracement to the upper edge of the previous box. It briefly rose to around 47700 in the evening, both in the form of a pin bar, and the entire upward process was quite bumpy. As shown in the chart, aside from these two pin bars, the overall pattern is weak and oscillating. The intraday oscillation may continue, and the news expectation for Bitcoin has ended. It is likely to oscillate between 475-445 in the near future, while Ethereum, driven by the anticipation of the Constantinople upgrade and breaking through the box oscillation on the technical side, has seen a rebound. Currently, there are no signs of a halt in the rise. Resistance is near 3000. Therefore, it is not advisable to short Ethereum for now. Look to buy on the dip. Therefore, the short-term operational suggestion is to short Bitcoin near 46500/46900, with a stop loss at 47250. Look to the downside at 45500-45200/44500. For Ethereum, buy on the dip in the 2500-2480 range, with a target of 3000. The overall strategy for the day is to short Bitcoin and long Ethereum. Also, pay special attention to the trading data for Ethereum in the coming days. Real-time market changes will be explained during live trading.
Technology is the method, trend is the king, the cryptocurrency leader guides you through the sea of coins
Exercise caution when entering the market, trading involves risks.
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