Bitcoin : Why the ETF News is BEARISH for BTC

Hi Traders, Investors and Speculators of Charts📈📉

The Bitcoin ETF approval is expected to be announced any day now - but wat does this mean for the price of BTC?

When there's an unprecedented event that will affect the markets, it's helpful to return to the basics:
👉 Buy the rumor, sell the news
👉 Macro Analysis
👉 Candlestick analysis

👉 Buy the rumor, sell the news
If the ETF should be declined (which seems unlikely), the price will definitely react negatively. But if the ETF is approved (as most widely anticipated), the price will likely also drop as the classic dump after good news.

👉 Macro Analysis
Bitcoin is due for a correction / pullback. Even dropping to lower 30K zone would still be a lower high, classic Elliot Wave Theory before the next upwards impulse wave.

👉 Candlestick analysis
BTC has made 5 consecutive green candles in the MONTHLY. A red one is definitely overdue. This will support as a "fundamental reason" for the ETF news.

NOTE that I am still BULLISH on BTC. We're in the opening moments of a new bullish cycle, but there are pullbacks and corrections in upward cycles - and I'm expecting one around the time of the ETF news.

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CryptoCheck

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From a technical indicator perspective, the price is highly overbought. Another reason to expect a pullback soon:

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In the video I mentioned 48K possible. We turned at $47.2, close enough:

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Increase to seems likely, I'm still expecting a correction. From a chart perspective and technical indicator perspective, a correction is way overdue:

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In the weekly Timeframe, BTC is highly overbought:

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Playing out exactly as I thought. An increase to 48K and then an ETF news dump. Retail shows up too late and becomes exit liquidity. We're trading right on top of 42K support, a weekly close UNDER this zone takes us back to 38K. Let's see if we can keep closing the weekly above 42K: