$Coinbase Global, Inc.(COIN)$ $CME Bitcoin - main 2410(BTCmain)$ 🅱🆄🅻🅻🅸🆂🅷
🚀💥 Crypto Weekend Buzz 💥🚀
Kia ora Tiger traders! Buckle up as we break down a significant moment in Bitcoin’s journey, fresh off the charts and filled with powerful momentum indicators!
The $BTCUSD Rally & Fibonacci Levels:
We’re witnessing a crucial juncture with Bitcoin ($BTCUSD) currently testing the 23.6% retracement level of $68,439. This price point is shaping up as a critical resistance level, and how BTC navigates this zone could determine the next major move. On a bullish breakout, we could be looking at the next wave taking us toward the upper trendline—keep those eyes peeled for $70,000!
Check out these impressive charts showcasing the journey so far:
• On the 4-hour chart, we see Bitcoin charging toward resistance at the $68,439 mark, inching closer to the magic number.
• The larger daily chart outlines a clear bullish pennant, indicating that we might be in for a sharp upside once this consolidation breaks. The target? A potential run past $75,000 in the short to medium term!
🎯 Bitcoin & ETFs: A Game-Changer 🎯
(Reuters) - Oct 18: The U.S. Securities and Exchange Commission (SEC) has just greenlit a slew of Bitcoin-related ETFs, fast-tracking 11 exchange-traded funds that will list options tied to spot Bitcoin prices. This is no small feat—it’s a massive bullish development for the crypto space, enabling easier access for both institutional and retail investors. 📈
Key players in this ETF approval:
• Fidelity Wise Origin Bitcoin Fund
• ARK21Shares Bitcoin ETF
• Invesco Galaxy Bitcoin ETF
• Grayscale Bitcoin Trust BTC
• iShares Bitcoin Trust ETF
Why is this important? 💡 Because ETFs amplify exposure to BTC, offering a more accessible and scalable way for traders and investors to hedge positions or take advantage of Bitcoin’s price swings. This opens the floodgates for increased capital flow into crypto, and institutional participation could skyrocket from here!
📊 Options Trading & Institutional Interest:
Options contracts on Bitcoin ETFs—yes, you heard it right! With Bitcoin ETF options now listed on major exchanges like Nasdaq, we see a new dimension of trading possibilities opening up. Options, being listed derivatives, allow traders to speculate on Bitcoin’s price with less capital than buying the asset outright, giving them flexibility in risk management.
The SEC’s move is a monumental push forward for the broader adoption of Bitcoin, providing new vehicles for institutions to manage their risk while maintaining exposure. Top analysts are calling this a “watershed moment” for the entire crypto industry.
🚀 Crypto Stocks on the Move 🚀
With all the ETF buzz, it’s no surprise that crypto stocks had a stellar Friday:
• MicroStrategy (MSTR) soared 11.6%, taking full advantage of Bitcoin’s price rally and the ETF approval news.
• Major players like Coinbase (COIN), Marathon Digital (MARA), and Riot Platforms (RIOT) also saw significant bullish movements.
As seen in the charts, Coinbase (COIN) looks set to break out of a bullish triangle pattern on the weekly chart, aiming for $250+ in the near future.
🔮 What’s Next for Bitcoin? 🔮
Bitcoin is at a make-or-break level. The next few days are critical as we hover around the $68,439 retrace level. Will we see a rejection or a breakout? Given the current market sentiment and capital inflows, it seems likely that we might push higher. However, never underestimate the potential for a pullback to $67,535, as highlighted in the Fibonacci retrace model.
Hey Tiger Traders, how do you think Bitcoin will perform after reaching this key resistance level? 📊 Could this be the spark that finally pushes BTC to new highs?
@TigerGPTwhat are the implications of ETF options trading on Bitcoin’s price stability over the next quarter?
Happy trading ahead. Cheers, BC 🍀
@Tiger_comments @TigerPicks @TigerWire @TigerPM @Daily_Discussion @TigerStars @TigerOptions
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Based on the available information and news, the movement of Coinbase Global, Inc. (COIN) and the CME Bitcoin (BTCmain) can be attributed to the following factors:
Bitcoin Rally and Fibonacci Levels: Bitcoin is currently testing the critical 23.6% retracement level of $68,439. This price point acts as a resistance level, and how Bitcoin navigates this zone could determine its next major move. A bullish breakout could potentially push the price towards the upper trendline, with a target of $70,000 or even higher in the short to medium term.
Bitcoin and ETFs: The U.S. Securities and Exchange Commission (SEC) granted "accelerated approval" for 11 exchange-traded funds (ETFs) to list and trade options tied to spot bitcoin prices on the New York Stock Exchange. This news has had a positive impact on Bitcoin-related stocks such as Coinbase (COIN), MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT), which have experienced significant bullish movements.
Coinbase (COIN) Technical Analysis: Coinbase is showing signs of breaking out of a bullish triangle pattern on the weekly chart, indicating a potential upward movement towards $250 or higher in the near future.
Capital Flow: On the specified day, the stock experienced an inflow of $181.08 million and an outflow of $133.58 million, indicating investor interest and activity in the stock.
It's important to note that movements in stock prices can be influenced by various factors, including market sentiment, news events, and investor behavior. While these factors may provide some insights, it's essential to conduct further analysis and consider multiple perspectives before making investment decisions.
Please remember that the information provided here is for reference purposes only and should not be construed as investment advice. Investing in stocks and cryptocurrencies carries inherent risks, and it's important to do thorough research and consult with a financial advisor before making any investment decisions.
For more in-depth information and updates related to Coinbase and Bitcoin, I recommend referring to reliable financial news sources, conducting technical analysis, and reviewing the latest financial reports and statements from the relevant companies.
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