ETF Day 02 – BTC ATH?

Day 02 of the BITO BTC ETF

Today marks the very first Pre-Market trading for the BITO BTC ETF.  The pictures below show the M15 Chart for BITO followed by the Daily Chart for Bitcoin and then finally a comparison chart of both BTC and BITO.  In the last picture, the gray box represents what trading happened in between the After Hours Closing and the Pre-Market Opening.

Similar to the CME Futures Market, that is where we look for discrepancies and GAPS in trading.  We won’t have the ability to see an actual GAP in the traditional market until the opening bell at 9:30 AM EST – another 30 minutes away from the time of writing.  All you need to do is look at where Yesterday CLOSED in the regular trading hours (4 PM) and where today’s candle opens (9:30 AM).

The NEW BTC ATH?

Who doesn’t love Smashing Glass Ceilings?  BTC was less than $400 yesterday from hitting its’ current ATH (on Coinbase).  While writing this, we just inched a little bit closer but we have yet to touch or break $64,899.

The good thing about this type of approach is that it is trending upward as opposed to breaking these levels of resistance with one giant wick that cannot sustain the actual underlying move.  If the Bears have their way, then we will see a ton of Volume pouring in on the sell-side and many failed attempts to break the high.

The first picture shows the BTC Daily Chart and the April 14th, 2021 High on Coinbase of $64,899.  In this view, we can see how price reacted on the way down and also as it has been climbing on its approach to testing the current ATH.

The second picture shows only the last little bit of the approach.  This chart is zoomed in to the H1 and shows some potential areas for those seeking to buy dips in anticipation of breaking the ATH.  It is never recommended to anticipate a move but rather allow for the breaking and then CONFIRM before entering a position.  These levels would act as potential support areas – mostly for scalpers and Intra-Day Traders.

Any ALTS Worth Watching?

The Nervos Network describes itself as an open-source public blockchain ecosystem and collection of protocols. The Nervos CKB (Common Knowledge Base) is the layer 1, proof of work public blockchain protocol of the Nervos Network. It reportedly allows any crypto-asset to be stored with the security, immutability, and permissionless nature of Bitcoin while enabling smart contracts and layer 2 scaling. It aims to capture the total network value through its “store of value” crypto-economic design and native token, the CKByte.

The SUN.io platform is TRON’s first one-stop platform that supports stable coin swap, token mining, and self-governance. After the redenomination, the new SUN token, as a multifunctional governance token on the SUN platform (similar to the CRV token of Curve DAO and the EPS token of Ellipsis), will grant token holders various rights and benefits such as the voting and governance right in the community, value capture, staking rewards, etc..

ARPA is a blockchain-based layer 2 solution for privacy-preserving computation, enabled by Multi-Party Computation (“MPC”). Founded in April 2018, the goal of ARPA is to separate data utility from ownership and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyze data and extract data synergies while keeping each party’s data input private and secure.

CKB has recently broken its previous local high and therefore has the pieces of the puzzle for a local reversal trend.  We now have a Low, a High, a Higher Low, and now a Higher High.  Volume on CKB is just over $100M, so it’s on the low end of the AltCoin scale but still worth keeping an eye on.

SUN is once again on the move after its 1:1000 redenomination.  The first time around we saw a triple failure at the $0.038 mark and now we wait to see how the pullback shakes out.  The low that was put in after its third failure was higher than the previous low and the high that was put in today is higher than its previous high.  Worth a watch and some really good levels down below if we are to get there.

We have talked about ARPA before and it continues to shine very brightly.  ARPA has not been able to pull back into the $0.098 area and has already smashed and retested the $0.132 zone.

These fast movers give shallow dips when they are flying and that may very well be what we are seeing now.  In some cases, we will let the full move exhaust and re-evaluate during the consolidation phase.  

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