We’ve got great news today, the sec has announced that they will decide about a BTC-ETF the 10th of August. Here is a short version of my view on the situation. Nothing major has happened yet since my last idea of BTC , 4 days ago. First of all a small view on current situation.
- So we’re still on in the same area between our bottom at 5.7K and our strong resistance at 6.8K. We are now at these price-levels for a month. What does this mean?
o The bears are not strong enough to break down under 5.7K
o The bulls are not strong enough to break through 6.8K
o This could be because it’s summer-time, there are way less trades in summer-time. less volume= less
o This could mean that we’ve now reached our bottom. We’ve never had such a long period between a such small price-difference. The bears are almost all gone.
Situation 1: yes to an ETF!
- Ideal scenario, the market will wake-up again, will go up. We will probably break through the (6.8K) in no time (the same resistance that we are fighting with since 12July).
- The only way is up, the moment we pass the 6.8K level, that’s a buy-sign for me. That means that the bulls take over and that we over won the bears who are defending this level for a month now. We enter the trade zone above 6.8K.
- The next target is 10K. (very short-term)
Situation 2: No
- Worst case scenario, will drop the price massively. I doubt that the bulls are still going to defend the levels at (5.7K-6K) if the SEC failed to launch an .
- The next support-line is at 5K then. (20% down fall)
- Why 5K?
o A lot of great investors have already announced that they will be interested in BTC if the price goes below the 5K. (new )
o A lot of shorts will run out at 5K.
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