Weekly Wrap Up
- VanEck ETF delayed again.
- Next big event is Bakkt in November.
- Congress gives deadline to IRS for October 17th for a new draft of tax regulation.
Bull Scenario
- Consolidation with resistance turned support on the EMA's would be ideal.
- A day or so of sideways movement and then a push to $7.1k.
Bear Scenario
- Bears defend $6750 and this is the high of the move.
- Sell pressure sends the price back down to the low $6ks.
What I see on the Daily
- I'm personally keeping tabs on another possible "double bottom" (I drew the previous one as an example).
- On the lower timeframes I'm seeing a RSI divergence showing that we are due to pullback.
- A pullback to $6625 - $6550 is on the books.
- Looking at the Weekly, it seems like a double bottom could also be on the works which would set us off for a good November should it actually play out.
- We have set "Higher Low"s and with us hitting $6800 - $7k we will have set a "Lower High". What does that mean? It means the range is getting tighter and a BIG move is bound to happen very soon. As I have always said, the patterns etc on the Daily and Weekly will have a much bigger impact than anything under it.
- RSI still is nowhere near overbought so Bitcoin does have room. Coupled with the fact that it dropped to the same levels as previous but with a higher RSI says to me that we are still headed upwards.
- Volume is looking good and I expect shorts to close as Bitcoin climbs. (A lot opened at $7300 and I'm sure some of the short positions around $6800 will need to start covering.
Side note on ETH
- I've been trading ETH as of late trying to get it's range down. For right now it looks like $230-195 is the trading range. The closer you are to each end the better your R/R (risk/reward).
- VanEck ETF delayed again.
- Next big event is Bakkt in November.
- Congress gives deadline to IRS for October 17th for a new draft of tax regulation.
Bull Scenario
- Consolidation with resistance turned support on the EMA's would be ideal.
- A day or so of sideways movement and then a push to $7.1k.
Bear Scenario
- Bears defend $6750 and this is the high of the move.
- Sell pressure sends the price back down to the low $6ks.
What I see on the Daily
- I'm personally keeping tabs on another possible "double bottom" (I drew the previous one as an example).
- On the lower timeframes I'm seeing a RSI divergence showing that we are due to pullback.
- A pullback to $6625 - $6550 is on the books.
- Looking at the Weekly, it seems like a double bottom could also be on the works which would set us off for a good November should it actually play out.
- We have set "Higher Low"s and with us hitting $6800 - $7k we will have set a "Lower High". What does that mean? It means the range is getting tighter and a BIG move is bound to happen very soon. As I have always said, the patterns etc on the Daily and Weekly will have a much bigger impact than anything under it.
- RSI still is nowhere near overbought so Bitcoin does have room. Coupled with the fact that it dropped to the same levels as previous but with a higher RSI says to me that we are still headed upwards.
- Volume is looking good and I expect shorts to close as Bitcoin climbs. (A lot opened at $7300 and I'm sure some of the short positions around $6800 will need to start covering.
Side note on ETH
- I've been trading ETH as of late trying to get it's range down. For right now it looks like $230-195 is the trading range. The closer you are to each end the better your R/R (risk/reward).
Comment:
So yeah that pump. Let's see where it'll go before jumping in. I'm still hoping for a pullback before I reenter a long. Breaking $6800 will be huge.