Hello everyone
Today another update on BTC price action. A lot to talk about, let’s get straight in to this.
chart
-So the first thing that caught my eye today was that we could possibly see another bull flag on this chart. We’ve seen one before in the middle of July. It’s correct that the bull flag isn’t a perfect one, we can see a big red candle there. That was the day that winkelvoss rejected the BTC ETF. Not the news everyone was waiting for because no one really cared about winkelvoss anyway, nevertheless was it a good story and a perfect opportunity for journalist to make titles like: ‘BTC ETF rejected’ or ‘BTC ETF got rejected ones again’. So we saw a small 4% correction that day. The next day we went back up to the same level, so this correction was clearly because of ‘bad’ fundamental news, that’s the reason I think this could possibly still be a bull flag. If the bull flag is confirmed, I think that the next target is 9.1K. The fact that such news came out and we only saw a 4% correction tells us a lot. If the bears don’t succeed to pull down the price more on such days, that means that they are still very weak, the bulls took already over the next day! We see such big green candles and the day after we don’t even see a small correction, which means that the bulls still have the momentum.
-In the next couple of days, I expect some stable price-action for BTC, IF it turns out that this was no bull flag. I expect around the price range 8K-8.25K. if we can stay stable for a couple of days, than we could possibly hit our upward trend that could be a possible support line. If we bounce there, our next target is 9.1K, if we break below, I’m guessing that our next target could be at 7.8K, possibly 7.4K.
-I think that BTC will be stable for now, the hype around the BTC-ETF seems to be over for now. Everyone is patiently waiting to September from now on. Do BTC needs an ETF? I think that they don’t need that, it would make a huge difference for the short term but I’m a long term investor, I’m convinced that BTC doesn’t need an ETF in the long term. BTC prices will go up if the people adapt this technology, we all need to be patient here. I expect a small correction in the beginning of September, a couple of days before the announcement.
orders
I put my order at 8K and 7.8K.
Stoploss at 7.6K
Love to hear your opinion on this!
DM's and comments are always welcome.
Leave a like if you appreciated it!
Today another update on BTC price action. A lot to talk about, let’s get straight in to this.
chart
-So the first thing that caught my eye today was that we could possibly see another bull flag on this chart. We’ve seen one before in the middle of July. It’s correct that the bull flag isn’t a perfect one, we can see a big red candle there. That was the day that winkelvoss rejected the BTC ETF. Not the news everyone was waiting for because no one really cared about winkelvoss anyway, nevertheless was it a good story and a perfect opportunity for journalist to make titles like: ‘BTC ETF rejected’ or ‘BTC ETF got rejected ones again’. So we saw a small 4% correction that day. The next day we went back up to the same level, so this correction was clearly because of ‘bad’ fundamental news, that’s the reason I think this could possibly still be a bull flag. If the bull flag is confirmed, I think that the next target is 9.1K. The fact that such news came out and we only saw a 4% correction tells us a lot. If the bears don’t succeed to pull down the price more on such days, that means that they are still very weak, the bulls took already over the next day! We see such big green candles and the day after we don’t even see a small correction, which means that the bulls still have the momentum.
-In the next couple of days, I expect some stable price-action for BTC, IF it turns out that this was no bull flag. I expect around the price range 8K-8.25K. if we can stay stable for a couple of days, than we could possibly hit our upward trend that could be a possible support line. If we bounce there, our next target is 9.1K, if we break below, I’m guessing that our next target could be at 7.8K, possibly 7.4K.
-I think that BTC will be stable for now, the hype around the BTC-ETF seems to be over for now. Everyone is patiently waiting to September from now on. Do BTC needs an ETF? I think that they don’t need that, it would make a huge difference for the short term but I’m a long term investor, I’m convinced that BTC doesn’t need an ETF in the long term. BTC prices will go up if the people adapt this technology, we all need to be patient here. I expect a small correction in the beginning of September, a couple of days before the announcement.
orders
I put my order at 8K and 7.8K.
Stoploss at 7.6K
Love to hear your opinion on this!
DM's and comments are always welcome.
Leave a like if you appreciated it!