Bitcoin: Are We Back?

Titans Bitcoin rallied over the weekend but did we get the weekly candle close we were looking for and is there a clue in the latest Bitcoin ETF flow table that we are now seeing a shift in when has been one of the largest sources of sell pressure for

Bitcoin this cycle let’s talk about all this and more today kort hit that intro let’s kick it off with a very interesting development on the Bitcoin ETF flow table ever since the launch of the spot ETFs back on January 10th of the this year we see nothing but

outflows from grayscale mainly due to their 1.5% maintenance fee which is significantly higher than its competitors but as a Friday May 3rd gry skill actually saw $63 Million worth of net inflows ending the 78 day streak of outflows so if this marks a new turning point for seeing

inflows instead of outflows moving forward then that would have removed what has been a very strong source of sell pressure for Bitcoin this cycle and if you also factor in the timing of being past a having event with less Bitcoin being mined per day we could really start

to see the ons of the parabolic price action we’ve been expecting to see pretty soon all right now let’s hit the charts looking at Bitcoin on the 4-Hour time frame you can see we had a very nice v-shaped recovery here and

we finally broke through this long-term resistance

trend line after retesting it several times since the beginning of April here here a few times here and even here notice how we not only broke through it but we successfully retested it afterwards but we are now struggling against this area of resistance in Red so getting through

64.7k is the next short-term goal in this time frame zooming out to the 12-hour time frame for Bitcoin you can see we had a breakout to the upside from this enormous falling wedge pattern and if you guys recall that strong trend line we spoke of on the 4-Hour

time frame well that’s right here so the goal here is to reclaim each of these local tops marked in blue here to make our way back up to 72k and when you apply the Fibonacci retracement tool measuring from the top here down to the bottom here you can

see the 0.65 0.618 Fibonacci golden pocket lines up very well with this local top at around 665 to 67k so a decision will have to be made at that point but just keep in mind that Bitcoin has a strong tendency to retrace to this golden pocket so I

can see is getting there in the short term but we may see a rejection due to this combined resistance at the local top along with the Fibonacci golden pocket but if the bu pressure is strong enough and we were able to see candles closing above it then that’s

a good sign that we’re on our way back up to the very top here looking at the Bitcoin CME Futures chart on The Daily time frame you can see that after closing the daily candle on Friday marked by this yellow arrow here we now have this big gap

that was created over the weekend now the majority of these gaps do end up getting filled during Corrections so we’ll just have to keep it in mind it’s very possible that we’ll revisit this 62.6k level to fill this Gap at some point and this could occur as early

as today today or possibly during the next major correction switching over to the 3-day time frame for Bitcoin we’re still waiting for the Ballinger bands to expand in this region here and when this happens we’ll also see the Ballinger band with indicator blue line rise like it did

back here and back here too now also note that the last two Ballinger band squeezes we got here on this time frame did lead to a continuation of the uptrend so maybe the same logic will play out over here too but of course we’ll just have to wait

and see zooming out to the weekly time frame for Bitcoin we touched space on this thoroughly last Friday so I won’t go into too much detail again today but just to quickly recap all major Corrections so far in this cycle have fallen approximately within a 20 to 24%

range so this range appears to be the standard for our major Corrections in this cycle just something to keep in the back of your mind for the next time we have another major correction and finally zooming out to the weekly time frame once again for Bitcoin the goal

was to close last week’s weekly candle marked by this blue arrow here above 60k which we did do and now puts us back into this consolidation rectangle and as you can see it closed with a hammer candle which has a long wick on the bottom and it’s typically

a reversal signal you see at the bottom of a downward trend for reversing to an uptrend now looking back at the previous consolidation periods in this cycle you can see Hammer candles that were also formed over here and here too and look what happened afterwards we got a

continuation of the uptrend so there’s a good chance that we could be seeing the uptrend continues soon if this Hammer candle follow suit with what we saw back here and back here aside from that we also noted last week that we had higher lows on the price action

here and here and at the same time we were seeing lower lows on the RSI or relative strength index but since Bitcoin went into rally mode over the weekend the RSI leveled out afterwards so we didn’t quite get the confirmation for the hidden bullish Divergence but the stochastic

RSI is very low now meaning that we are in oversold territory for Bitcoin and as long as we continue to stay above 60k we should begin to see the Blue Line cross over the Orange Line pretty soon and that would also correspond with seeing the next leg up

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