Bitcoin dropped drastically after the ETF approval. The market is choppy right now and is being held at a solid strong support priced at 40500. We will buy slightly below the support level as it will be hunting level. The market on the higher timeframes is still bullish and formation of higher highs and higher lows. 

The descending trendline has broken out for buys with the price action being more bullish. After validation of price action the market will continue moving up.

The retracement level of 61.8% is in confluence with the support level at the stop hunt.

The EMA 50 is bearish now and once the market starts to move up from the support, and breaks the EMA 50, only then it can continue moving up further. Till the retest, we can book profits.

RSI is at 39. It needs to dwell towards the over sold region where the bullish divergence will be formed for a continuation upwards.

Bitcoin ETF drop

Jan 20 2024