Today an update on BTC:
Everyone is waiting for the ETF decision at the moment. That decision will come between August 10th and august 16th. There are some rumours that the decision would be delayed to mid-September, let us hope that’s only a rumour.
Prediction before ETF.
-I expect that we will go further down because the bears have the momentum at the moment. This has nothing to do with fundamental news, this is just a correction from recent uptrends. For me we’re entering the buy zone at 7.7K. We can see a clear support line at 7.5K. (strong fib level+ strong resistance in the past). Stoploss at 7.1K. BECAUSE: then we’ve past the very strong 0.5 fib level. That would mean that the bears take over. If we put our stoploss at 7.1K we could have a potential loss of 5.44%.
-So how will the market react just before the announcement of the ETF. I think that we will see a small uprun after our downtrend we’re witnessing RN. The moment we reach the 10th panic will take over and BTC will go down big time.
-If BTC gets declined, then we could possibly see a 10% correction to our 0.618 fib level and maybe more. Again I do not think that ETF’s will affect this market too much. It will bring huge volume and new liquidity in so in short term this is very bullish, on the long term I’m bullish either way.
Other things we have to look at.
-The stochastic RSI is getting down at the Daily chart, so we’re entering the oversold region which is bullish in short term.
-We’ve broke below our support-line, this could now be a resistance line in the future.
Love to hear your opinion on this!
DM's and comments are always welcome.
Leave a like if you appreciated it!
Everyone is waiting for the ETF decision at the moment. That decision will come between August 10th and august 16th. There are some rumours that the decision would be delayed to mid-September, let us hope that’s only a rumour.
Prediction before ETF.
-I expect that we will go further down because the bears have the momentum at the moment. This has nothing to do with fundamental news, this is just a correction from recent uptrends. For me we’re entering the buy zone at 7.7K. We can see a clear support line at 7.5K. (strong fib level+ strong resistance in the past). Stoploss at 7.1K. BECAUSE: then we’ve past the very strong 0.5 fib level. That would mean that the bears take over. If we put our stoploss at 7.1K we could have a potential loss of 5.44%.
-So how will the market react just before the announcement of the ETF. I think that we will see a small uprun after our downtrend we’re witnessing RN. The moment we reach the 10th panic will take over and BTC will go down big time.
-If BTC gets declined, then we could possibly see a 10% correction to our 0.618 fib level and maybe more. Again I do not think that ETF’s will affect this market too much. It will bring huge volume and new liquidity in so in short term this is very bullish, on the long term I’m bullish either way.
Other things we have to look at.
-The stochastic RSI is getting down at the Daily chart, so we’re entering the oversold region which is bullish in short term.
-We’ve broke below our support-line, this could now be a resistance line in the future.
Love to hear your opinion on this!
DM's and comments are always welcome.
Leave a like if you appreciated it!