Bitcoin: ETF results on Thursday – Bitcoin small pump
Bitcoin pumped this morning during the Asian close, passed the local resistance of $6500 as a result of Bitmex going down.
Bitmex is one of the largest exchange in terms of volume size and a known exchange for pumping and dumping.
As a result of the exchange going down, we saw Bitcoin pump by 200 points.
Moreover, we do have the news of the Pro Shares ETF released tomorrow. A recent market sentiment indicator illustrated that there will be a rejection.
The last time we saw this, the market dumped by 6-7%, causing the rest of the market to dump by 20%.
What will Happen today?
Based on the Asian open, Bitcoin jumped by close to 200 points. It has stabilised in the upper $6600 level, refusing to decrease.
However, we could see a small dump to the 0.618 level, especially as the RSI Stochastic is illustrating a re-set is needed – showing overbrought on all of the time frames.
Therefore, Nouvive estimates a dump pass the 0.618 level, especially to the middle $6500.
This is for two reasons, there are a lot of shorts in the market, almost 7000 Shorts were added last night over 4 hours.
The $6500 line is almost too difficult for the bulls to see, it has been rejected close to 10 times now over the past 5 days. Each time this resistance has become stronger.
Therefore Nouvive sees that Bitcoin will jump back into the pattern, only to be rejected by the short line, before trying to dump back again if there is enough momentum. If not $6282 will be fine.
Nouvive issues a SELL FOR BITCOIN. This means you can short.
If You want to short: Enter a position at just below $6672 with a take profit at below $6522 to $6500. Increasing Stop Losses as when in Profit.
The first stop loss should be at $6689.
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