As mentioned in previous publication, Bitcoin will rely heavily upon good/bad news to make a directional decision. Yesterday it was formally announced that BlackRock invest firm which manages ~$6.28tril in assets has a dedicated team exploring Bitcoin and Cryptocurrencies. This particular announcement assisted in a break through of the 6360-6380 resistance with a move up to 6720 at yesterdays close for an increase of just over 5%.
Moving forward, should all 'Bad' news stay at bay, we should see a consolidation within the 6650-6750 range. Should it get a slight move up it will need a break and daily close above 6850 with some volume for confidence. 6850 is both top of the zone and the neckline of the iH&S as pointed out in the chart.
Remember, if trading this in the current state before August 10th ETF decision, be vigilant and up to date within the space for news as it comes. Should any 'setbacks' be announced it could drop to zones marked in green boxes.
Extra:
Coinbase has also claimed they have been given the all clear to list tokens/coins that have been deemed securities. This means that should a token be classed a security it would have to register with a Broker dealer. In this case, should the news be true, Coinbase will most likely be the first place.
Thanks for reading.
If you enjoyed this or found it informative, please give it a like and leave a comment.
Cheers.
Moving forward, should all 'Bad' news stay at bay, we should see a consolidation within the 6650-6750 range. Should it get a slight move up it will need a break and daily close above 6850 with some volume for confidence. 6850 is both top of the zone and the neckline of the iH&S as pointed out in the chart.
Remember, if trading this in the current state before August 10th ETF decision, be vigilant and up to date within the space for news as it comes. Should any 'setbacks' be announced it could drop to zones marked in green boxes.
Extra:
Coinbase has also claimed they have been given the all clear to list tokens/coins that have been deemed securities. This means that should a token be classed a security it would have to register with a Broker dealer. In this case, should the news be true, Coinbase will most likely be the first place.
Thanks for reading.
If you enjoyed this or found it informative, please give it a like and leave a comment.
Cheers.