SEC just denied another .
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 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 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.
Took off precisely from the double zone I had plotted a few weeks ago.
Those grey zones were posted on June 30th
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
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.
Pierced it, and now the bulls are making another attempt.
Looks like a wave 3 going down now.
I readjusted the EW to watch two possible paths.
Also, I have updated the two possible wave 5 points based on fib ext of down move.
Now waiting to see if this is a wave 4, or whether the entire down move was an ABC about to end ....
Now watching next possible w3 termination, to then gauge wave 5 possiblities
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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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.
I really dont know what to make of it yet.
If it gets past 8200, then I will have to say 'yes, bear trap'!