As we approach the end of 2023, and with the new year 2024 on the horizon, let's simplify our weekly chart discussion, focusing on key topics.
1. The Bitcoin Spot ETF: Amid the anticipation of traditional institutions entering crypto, concerns are widespread. A positive outcome from the ETF could propel a quick move toward 52K, followed by a potential rejection.
2. The game of S&R (Support and Resistance): BTC has established a robust S&R range between 30k and 47k. While 47k hasn't been reached yet, a new resistance has formed at 44k in a lower timeframe.
3. The Correction: Despite expectations of a correction since October, BTC hasn't shown one. Eyes are on the 30k support for a potential final drop.
4. The RSI: Already in the overbought zone, signaling a potential major correction soon.
Strategy: i) Keep the majority of your portfolio in USDT. ii) Consider selling 50% of BTC holdings only if it reaches 52K; otherwise, wait for accumulation. iii) Utilize leverage and futures trading with 10% of the entire portfolio. iv) Exit any recently acquired spot holdings.
Conclusion: BTC may still have room to reach the 47k resistance level, especially with the potential positive impact of the BTC Spot ETF approval.