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Crypto

Moving on positive developments regarding BlackRock’s Ishares spot Bitcoin ETF, Bitcoin hit a high not seen since June 1,  2022. After opening above $30,000 for the first time since July 23, Bitcoin has so far reached $31,900 (6:15 EST) and shows no sign of slowing down.

Crypto traders have been feverishly waiting for approval of any Bitcoin spot ETF up for review by the SEC.

Bitcoin’s mid-term outlook was looking exceedingly bearish up until the last week of September when Bitcoin experienced a significant bump. This swing to the upside mitigated 3 consecutive monthly declines scoring the first monthly gain during the last 3 months. This altered the short to mid-term prospect altering it from bearish to neutral. 

Mid-term picture

Bitcoin is currently trading up by $395 or 1.48% as of 4:30 PM, EST at $27,168. This is $2,000 above where the leading cryptocurrency had opened for trading a week ago ($25,162) last Tuesday, September 12th.  By Thursday of last week, BTC had completed a candlestick formation known as “three white soldiers” which forecasted that further upside price movement was likely.

Today we got a weak example of a three-day candlestick pattern known as “three white soldiers” appearing in the daily candlestick chart for Bitcoin. I say weak because while it does meet most of the criteria which is;

Three long and green candlesticks in a row.

Appearing after a defined downtrend.

Each of those candles must open above the previous day’s open.