After a fakeout, can Bitcoin break out to $48k?

If we're right and the ETF is approved, this is risk-on for the next few weeks, particularly as the mechanics are no longer overheated and the excess leverage has now been flushed out.

 Technical analysis

• BTC bounced off the main horizontal support of $40,900 during the flush out, which is positive for future price action.
• BTC is now battling at a key horizontal resistance of $44,000. Mind you, we have already had one breakout that turned out to be a fakeout. However, a new breakout would likely follow through, especially if supported by an ETF approval.
• Volume is low, so much more volume will be needed to get the breakout. With positive ETF news, we'll most likely get the required volume.
• The RSI has reset on all timeframes except for the Weekly, which is at a value of 74, so it is not disastrously overbought. RSI overall is relatively positive.

Cryptonary's take

We are pleased we're still positioned here, and yesterday's horrendous price action didn't liquidate us. 

For now, we are continuing to hold. Post ETF, if it's a positive decision, we may profit book when we think we're at a local high. We will judge/assess post-ETF decision. 

If the decision doesn't go our way, then we're just wrong, and we'll engage in a salvage job.