With an impending approval of a Spot Bitcoin ETF on the very near horizon, most traders are looking to long the $BTC price. However, bearish divergence has formed on the higher time frames. Trade with caution.
In the excitement and anticipation of the very first Spot Bitcoin ETF to be approved in the US, many traders and investors are placing their longs on $BTC with the notion that once the news drops the price will surge unstoppably higher.
Sell the news?
That said, there is such a phenomenon as a ‘sell the news’ event, whereby the announcement of very positive news is followed by a strong and sustained period of selling, during which many of those who are long are shaken out of their positions, especially if they are employing leverage.
Bearish divergence
To add to this, the longer term price charts are showing some ominous signs of bearish divergence forming, which is providing a menacing black cloud over bitcoin as the Spot Bitcoin ETF announcement draws ever nearer. God forbi
We współpracy z: https://cryptodaily.co.uk/2024/01/bearish-divergence-warns-of-bitcoin-correction
