Bitcoin has rejected the Fibonacci support level multiple times which could indicate on the upcoming wave up. The $6220 currently is the key price level I am watching, and while it is holding the massive buying opportunity is presenting itself. This seems likea very good risk/reward trade, as the upside potential is 18k and then 35k, that could be tested before 2019.
But as soon as there will be a daily close below the $6220 level, the bullish outlook shall be invalidated which should result in a consolidation or a continuation of the downside move.
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Daily close above the support indicates on the Bitcoin bullish intentions. Watch $6220.... daily close will be below will indicate on the strong bearish momentum.
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Daily close below $6200 is needed for the downtrend continuation.
Dont you consider that the ETF might be disapproved?
CryptoPAMM
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@monguilhot, I consider the price action,which will reflect the affect of the ETF. In any case if there will be a daily close below $6220, the BTC will very likely go much lower.
@monguilhot, The disapproval is possibly already priced in.
itzroyyyy
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@ickylevel, disapproval is not the only option, It can be postponed like last time (to feb 2019) which followed by a market dump. if it gets rejected the market will likely dump again even though in my opinion it should not matter since btc went to 20k 2017 with no talks of ETF. just a very knee jerky bearish environment right now.
ickylevel
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@itzroyyyy, Yes. Postponed.
I think that it won't have an impact because I don't see the resistance being broken.