What 1-hour chart says?
Fundamental Development:-
Jacobi Asset Management to launch Europe's first Bitcoin ETF on Euro next
Jacobi Asset Management said on Thursday that it would launch Europe's first Bitcoin exchange-traded-fund (ETF) on the Euronext exchange, in a sign of the crypto currency’s appeal despite its volatile price swings. The company said its Jacobi Bitcoin ETF would start trading in July on Euro next Amsterdam under the symbol of 'BCOIN'."The Jacobi Bitcoin ETF will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure," said Jacobi CEO Jamie Khurshid, a former Goldman Sachs (NYSE:GS) banker. Earlier this month, Bitcoin fell to as low as $17,592.78, dropping below $20,000 for the first time since December 2020.Bitcoin, the largest digital currency, is down about 70% from its high of around $69,000 in November. Other cryptocurrencies have also plunged in recent months as investors dump assets deemed as relatively high-risk in favor of safe-haven assets such as gold in response to rising inflation and tighter monetary policies by major central banks.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $19,400-$20,000 ranges. BTC is made low 19300 and now consolidating within a range. Yesterday it made high near $20,400 and then it continue to decline.. Bitcoin is struggling to gain momentum above $20,500.
Alternative Scenario: If Bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $18,800 level.
Jacobi Asset Management to launch Europe's first Bitcoin ETF on Euro next
Jacobi Asset Management said on Thursday that it would launch Europe's first Bitcoin exchange-traded-fund (ETF) on the Euronext exchange, in a sign of the crypto currency’s appeal despite its volatile price swings. The company said its Jacobi Bitcoin ETF would start trading in July on Euro next Amsterdam under the symbol of 'BCOIN'."The Jacobi Bitcoin ETF will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure," said Jacobi CEO Jamie Khurshid, a former Goldman Sachs (NYSE:GS) banker. Earlier this month, Bitcoin fell to as low as $17,592.78, dropping below $20,000 for the first time since December 2020.Bitcoin, the largest digital currency, is down about 70% from its high of around $69,000 in November. Other cryptocurrencies have also plunged in recent months as investors dump assets deemed as relatively high-risk in favor of safe-haven assets such as gold in response to rising inflation and tighter monetary policies by major central banks.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $19,400-$20,000 ranges. BTC is made low 19300 and now consolidating within a range. Yesterday it made high near $20,400 and then it continue to decline.. Bitcoin is struggling to gain momentum above $20,500.
Alternative Scenario: If Bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $18,800 level.
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