Today we got a news that ProShares is apparently listing their Short Bitcoin ETF on Tuesday, June 21. What does it mean to the market? Let's examine.
First of all, market looks bad af from the technical side. We broke all the supports, including Weekly MA200 and at the moment
BTC trades below $20,000 psychological level. Altcoins are bleeding as well, hedge funds keep being liquidated one by one. Fear & Greed Index is at its historical lows, 6 points out of 100 at the moment.
Now, knowing all that let's take a look at the 2017 bull-run ending. The ATH of $19,600 was set just at the 17th of December 2017. Remember this date.
Some time before this, at the 1st of December 2017, CME announced launching Bitcoin Futures on 18th of December 2017. Right after its launch, Bitcoin started dumping. It would be logical to assume that a bunch of traders opened LONG positions right at the TOP price of that cycle. They were liquidated.
So, what is happening now? ProShares announcing listing SHORT BITCOIN ETF. For their traders to be allowed to short the market. Quite a logical decision for institutionals, right? As I said previously, market looks bearish and screwed.
I would call this news a Bottom Signal. However, the dump is not over yet. We still have Weekly MA200 above us, and let's be honest -- chances of closing 1W candle above it are quite low. That will push us a bit lower, but the zone of $14,500 - $16,000 looks solid enough to be the bottom of this bearish cycle.
Hope you enjoyed reading my thoughts, if it is so, I will be very grateful for your comments and likes!
First of all, market looks bad af from the technical side. We broke all the supports, including Weekly MA200 and at the moment
BTC trades below $20,000 psychological level. Altcoins are bleeding as well, hedge funds keep being liquidated one by one. Fear & Greed Index is at its historical lows, 6 points out of 100 at the moment. Now, knowing all that let's take a look at the 2017 bull-run ending. The ATH of $19,600 was set just at the 17th of December 2017. Remember this date.
Some time before this, at the 1st of December 2017, CME announced launching Bitcoin Futures on 18th of December 2017. Right after its launch, Bitcoin started dumping. It would be logical to assume that a bunch of traders opened LONG positions right at the TOP price of that cycle. They were liquidated.
So, what is happening now? ProShares announcing listing SHORT BITCOIN ETF. For their traders to be allowed to short the market. Quite a logical decision for institutionals, right? As I said previously, market looks bearish and screwed.
I would call this news a Bottom Signal. However, the dump is not over yet. We still have Weekly MA200 above us, and let's be honest -- chances of closing 1W candle above it are quite low. That will push us a bit lower, but the zone of $14,500 - $16,000 looks solid enough to be the bottom of this bearish cycle.
Hope you enjoyed reading my thoughts, if it is so, I will be very grateful for your comments and likes!
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Join Bybit with us:
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Email:
ekstraruto@gmail.com
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