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Our algorithm indicator triggered a sell alert for the daily chart on Thursday, January 18, 2024. Given the mixed conditions, including the buy alert on Monday, October 23, 2023, from the weekly chart, we choose to wait for a buy alert from our Daily Chart. The initial level of support is identified as the green line on the weekly chart.
Longer term trend is Up with the Weekly Chart
The last chart examines the retail investors in the micro Bitcoin futures contract. Since the SEC revealed the approval of various spot Bitcoin ETFs, prices have been on a downward trend. Surprisingly, these small traders remain resilient in their enthusiasm. This week, they increased their combined net long position even further, and the market typically tends to respond unfavorably to such unwavering confidence.
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