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Today is a historical day for the crypto space because a Bitcoin futures ETF is set to make its debut. The bitcoin futures ETF from ProShares will trade under the ticker “BITO” and will allow investors who are curious about crypto but not willing to place funds on unregulated exchanges a chance to get exposure to Bitcoin.
The ETF will place bets on Bitcoin’s price fluctuations rather than the underlying crypto itself and it will be traded on a highly regulated exchange. This is huge news for the crypto space because for years early adopters have been waiting for permission from the SEC to launch a Bitcoin ETF in the United States but have only been delayed or denied up until this point.
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At the time of writing, Bitcoin is approximately $62k and is approximately $3K away from its ATH at about $65k. Last week I said that I did not think Bitcoin would break its weekly resistance at the $59k – $60K level in one single attempt and it did just that. We have already had a weekly close over the level but another weekly close over would provide a lot more confirmation that the break of resistance was not a fake out.
Waiting for confirmation could be costly if Bitcoin pushes too far away from support as there would be no clear invalidation. Another way to trade this price action would be to buy close to the weekly level with a stop loss just in case this does happen to be a fake out.
Bitcoin stays over the weekly $59 – $60k level and pushes beyond the last ATH. This would send BTC back into price discovery.
Bitcoin loses the weekly support level. Losing this level would turn it back into resistance and I would look for $53K – $55K to function as support.
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ETH/USD has seen a $400 price increase from the area that it was at last week to where it is currently. It is currently still Bitcoin season and Ethereum price is still very sensitive to any Bitcoin price movement.
Price is currently in the middle of the range with resistance at $4K and support at $3.5K. A weekly close over $4k is what bulls need to make happen for altcoins to fly although I expect $BTC to be in the driver’s seat for the next few weeks.
Ethereum closes over the last and final weekly resistance at $4k and moons into ATH’s.
ETH/USD losing the $3.5k area would be the bearish scenario. If we lost this area, I would expect for $3.3k – $3.2k area to hold up as support.
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