Naked Chart Trading: Bitcoin 18 Apr 2024
Today I wanna try to read a different asset class, the $Bitcoin(BTC.CC$ in a naked chart as I found a potential bearish reversal pattern in making
During post covid, bitcoin reached its peak on Nov 2021, followed by around 1 year bearish trend till the bottom during Nov 2022. A strong bullish trend began since then, from around 15000 level to above 70000 this year, wrote a nearly 400% gains just within 2 years!
From the daily chart, bitcoin trend entering consolidation mode since Mar 2024, then retrace from above 70000 level and now testing 60000 level with lower highs and lows, signaled seller still in control.
I saw a potential double top bearish reversal pattern, a "M" in making, close below 59000 level to trigger more downside. I also drawed a Fibo retracement from Nov 2022 low to Mar 2024 high, where 59000 level is around 23.6% Fibo level.
The next support 38.2% located at around 51000 level, followed by 50% at around 44000 level and 61.8% around 37000 level. Meanwhile, resistance will be marked at Mar 2024 high around 74000 level
The next bitcoin halving season is set for around 19 Apr 2024, which is just around the corner, expect to see more volatility forward. To share with you on what is bitcoin halving: What Is Bitcoin Halving? Definition, How It Works, Why It Matters
So what will be your take? I will watch out for performance of bitcoin ETFs, which i can find under ETFtab - Thematic ETFs - Spot Bitcoin ETF in Moomoo App. I found $Grayscale Bitcoin Trust(GBTC.US$ to be the largest market cap spot bitcoin ETF
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
So what will be your take? I will watch out for performance of bitcoin ETFs, which i can find under ETFtab - Thematic ETFs - Spot Bitcoin ETF in Moomoo App. I found $Grayscale Bitcoin Trust(GBTC.US$ to be the largest market cap spot bitcoin ETF
Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Moomoo Malaysia Head of Dealing
Trading is a mirror that reflects everything about myself
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