A lot of hype, most of us are waiting for the big event of SEC approval, the first deadline should be tomorrow. It all would seem very easy, there is the approval and Bitcoin price goes up, straight up, indefinitely... right? But who would be those that would start buying at this price? retail investors have been placing their bets for a long time already, fearing of being left out. Those offering the ETFs would find this a very risky price, which definitely needs correction. They have probably been buying bitcoin at lower prices anyway, already.
To me this seems like the perfect "sell the news" situation.
Technically at 48k there is fibonacci 0.618 from the ATH, plus a major resistance. Price is also finding itself at the top of the upward channel. RSI signals bearish divergences.
I have also noticed that after 2017 peak, the price also rebounded to 0.618... this doesn't say that it will happen again, of course, nor that it will NOT happen. But it would seem very strange to me, that after peaking at 68k and going to the bottom at 16k, Bitcoin would just go straight up again with no correction, as if it's just "straight up" or "straight down". That's not how markets work.
My price prediction is depicted in the chart, with the price possibly going to 30k to find then a strong rebound, making everyone think that the correction is over only to get them trapped in the net and to proceed more south, possibly around 16-20k.
The red trendline at the bottom comes from the two bottoms of 2017 and of the Covid crash.
What do you think?
Thank you
This is for reference a screenshot from 2017 peak:
https://ibb.co/xhBHNwT
To me this seems like the perfect "sell the news" situation.
Technically at 48k there is fibonacci 0.618 from the ATH, plus a major resistance. Price is also finding itself at the top of the upward channel. RSI signals bearish divergences.
I have also noticed that after 2017 peak, the price also rebounded to 0.618... this doesn't say that it will happen again, of course, nor that it will NOT happen. But it would seem very strange to me, that after peaking at 68k and going to the bottom at 16k, Bitcoin would just go straight up again with no correction, as if it's just "straight up" or "straight down". That's not how markets work.
My price prediction is depicted in the chart, with the price possibly going to 30k to find then a strong rebound, making everyone think that the correction is over only to get them trapped in the net and to proceed more south, possibly around 16-20k.
The red trendline at the bottom comes from the two bottoms of 2017 and of the Covid crash.
What do you think?
Thank you
This is for reference a screenshot from 2017 peak:
https://ibb.co/xhBHNwT
Comment:
It's going to hit 45k before proceeding downwards