What should we expect in the new week on $BTC and $ETH?
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As I said in yesterday's texts, Bitcoin, which could not hold at $64,000, fell sharply overnight and is currently trying to hold at $62,000.
If we don't see a rise to around $64,000 again in a short time, it seems quite possible that we will see a drop to $59,000 again.
The most dangerous situation would be a break of this $59,000 level, but I don't expect that to happen anytime soon.
I definitely do not expect the price to make a new ATH again in June-July-August. I think the price will move in the $59,000-$64,000 band in these 3 months and I make my trading plans accordingly.
In the short term, BTC should definitely not lose the $62,300 level if it does not want to fall to $59,000.
Also, it's important to remember that EMAs act like a magnet and the price constantly fluctuates around it. A support from the 200-day EMA towards the end of the summer could take the price upwards very quickly. At the moment, this EMA price is hovering around $52,000, but I would say that it will go up in time.
Also, if we look at the daily chart, it's hard not to see a really unpleasant series of red candles. These 4 red candles, which are getting harder and harder, could be a harbinger of a sharp decline. However, I would expect a rebound after this sharp decline. So I will enter long orders around $59,000.
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I continue to hold my short position on the ETH side as I shared below. The reason why I have not closed this position yet is because I am waiting for the news of the rejection of the ETH ETF.
At the moment, people are taking positions based on their expectations and my expectation for Ethereum is that the ETF will be rejected in May.
In the long run, I think the ETH ETF will definitely be approved, but as Justin Sun shared, it's still early days.
On the ETH side, I think we will see below $3,000 in May and that is my plan.
