I am continuing to post about Wyckoff logic and Triple correction, combined with Fibonacci Levels.
Will bitcoin recover?
Pay attention on the 0.618 and 0.5 Fibonacci levels to buy the Bitcoin , sell levels will be 10000$-12000$
For current situation we have to break one more important level 6000$ and fall on the 5000$ and maybe 4000$ level, before make good Jump to the 10000$-12000$.
As you can see decreasing, that means no buyers/sellers on this levels, and no good trading volumes these days.
Many traders waiting in fiat now, as the reduced due to balance between bulls and bears.
Besides that on lower timeframes we can see clear i-ii-iii-iv-v Waves down, with forming wave v. Now we in this wave v and in subwave (1)-(2) which should retrace to 6300-6400$ zone, and waves (3)-(4)-(5) should fall down to 5000$ or even 4000$ level.
The zone between 5000$ and 4000$ will be basic to take positions on Bitcoin .
I expect this fall as last one for bitcoin , and after that might come "new rally" to 10000$-12000$ Price range.
This is view for Bitcoin for 2018 year.
Few words about Fundamentals:
1. Miners won't stop mine if price falls lower 5000$ level. There is so many countries where you can mine with way cheaper cost. And China still mines BTC with cost near 3000$...
2. Recently SEC opened the CBOE filing for public comments and what it means for the crypto market.
- Well, I've read few comments and most of them talking about push the price up to new ATH ...
Of course, if Commission will approve Bitcoin ETFs it might be a good for market in short term.
But IMO it won't pump price to ATH ...
My analysis is based on Fibonacci levels and Wyckoff Logic, so price might touch 1.272 (9800$) and 1.618 (12240$), this levels Will be basic for Taking Profits from this move.
Commission should approve/disapprove Bitcoin ETFs in 10 August, so set reminder to take profits.
Good luck, have a profitable trades!
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The Federal Register publication only appeared on July 2, meaning the date for a decision can be no sooner than August 16. Even then, the date can be extended if required and even once the eventual date does arrive the SEC can still initiate further proceedings to assist in decision making.
Wording from the notice:
“Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding”