EuroMotif

BTC retrace watch continued: 6700-6800 buy opportunity?

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
This is a follow up to my previous Idea looking for retrace, linked below.

SEC just denied another ETF .
Thus the initial drop, which I think was wave 1 of 5 down.

The decision stated concerns that might also apply to the upcoming decision on the CBOE proposal.
I do think the CBOE has the best chance of being the first ETF approval, as they are the whales that eat other whales of the Financial Gatekeeper species.
So perhaps the CBOE has some insider knowledge, or better yet, has some insider connections, since they would not have proposed their ETF knowing the SEC's concerns.

But as usual, just when a trend looks to be topping, there comes the FUD :(
But maybe this will give on last chance to buy cheap Bitcoin before ETFs do get approves and the stampede begins.

Here is my original plan for retrace:
I did get the scalp buy, then sold near the top. Now waiting for retrace per above.
Comment: wow, that was unexpedted spike.
Took off precisely from the double zone I had plotted a few weeks ago.

Those grey zones were posted on June 30th
Comment: Well that first move did not go as I had hoped. It seems that the SEC Commissioner dissenting has apparently give hope for the CBOE proposed ETF.
What ever the reason, the impulse down ran out of momentum pretty quickly.
.
But we might getting a retrace now. The fist push down bounced exactly to the 618 retracement.
Will be watching the behavior closely if it dips below the 8132.72 of that low
Comment: Another small dip overnight, but not much. Bears wanted to test 8k round, but seem to have been rejected. The push down did not even reach the purple -.618 extension, which often happens with ease (the .618 to -.618 move for an ABC is very common). Thus I believe bulls are considerably stronger that bears right now.

That Green 5.618 extension in above shot is from the ''Energy Boost'' fib in original chart
Zooming in, we see that the purple .618 retrace is the line in the sand now The most recent bounce stopped exactly at the .618, but the rejection was small.

IF the bulls get past this purple .618 retrace, then the next resistance will be the red .618 retrace of the larger fib of the first dip from the top. Thus my next two zones of interest outside of the current range, with a support zone just under 8k round if that breaks downward.
Comment: - Here we are at the next resistance.
Pierced it, and now the bulls are making another attempt.
Comment: Wow, whiplash city. Currently watching this fib, totally perfect movements
Comment: Finally, the dip has started.
Looks like a wave 3 going down now.
I readjusted the EW to watch two possible paths.
Comment: Hmm, starting to bounce at first possible wave 3 completion.
Also, I have updated the two possible wave 5 points based on fib ext of down move.
Comment: Bounce seems to be holding thus far.
Now waiting to see if this is a wave 4, or whether the entire down move was an ABC about to end ....
Comment: Looks like Wave 3 down is not done yet (was too short anyway).
Now watching next possible w3 termination, to then gauge wave 5 possiblities
Comment: Plan B it is I guess
Comment: Getting close to my buy zone ,6650-6800 range.
I will have a ladder of buy limits in the green zone, and then some down to the blue 4.618 around 6500
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Comments

yipee
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see that inverse H & S, could be.
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EuroMotif Quartz4ever
@Quartz4ever, Good point!
If I squint, I can see like 4 or 5 layers deep of inv H&S setting up, looks like first level just proved itself.
+1 Reply
Quartz4ever EuroMotif
@euromotives, lol .. that's funny. I'm not betting on it.
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Thank you for your great notations and explanations.
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EuroMotif Quartz4ever
@Quartz4ever, Cheers! and thanks for checking in.
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The fist push down bounced exactly to the 618 retracement.
Will be watching the behavior closely if it dips below the 8132.72 of that low

me too trying to get out of a long :D
going to put alerts on your ideas !
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Beautiful little bear trap?
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EuroMotif Majed-al-Citadel
@Majed-al-Citadel, maybe huh?
I really dont know what to make of it yet.
If it gets past 8200, then I will have to say 'yes, bear trap'!
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@euromotives, yeah.. until otherwise observed i assume ETF rejection set the trap: bulls decided to fake dump on FUD, caught the bears shorting, and then bought their coins back and stole some from the bears helping purged the market of more permabears.
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