When there is an upcoming event, especially at the cryptocurrency market, we notice a certain level of hype at the market. Across the media and networks, we see an irrational behavioral growing and feeding the anxiety inside the traders. Since their act like the upcoming event its a turning point for the market, a change of paradigm so big that the prices would go skyrocket to infinite or straight to zero. This kind of noise its part of the game, but it's up to you bring rationality to your trade. After all, it was your decision and nobody else.
Bitcoin already has multiple coming up events, that are already causing this sort of noise:
Sep 23 - Bakkt Launch
Oct 13 - Bitwise final decision
Oct 18 - VanEck/SolidX final decision
The three events that clear precedents to institutional money, that are willing to have exposure on Cryptocurrencies, have healthier ways to do so. But there aren't ways to guarantee that the would be approved or if they would have enough demand allocated in a way to skyrocket the price since the option for future contracts opens ways to avoid that.
Oct 28 - Mt. Gox Rehabilitation plan submission deadline
In 2018 part of the resounding fall of the prices was attributed to the Mt. Gox problem, that liquidations would pressure the price, given to juridic determinations, to repair clients affected by the Hack. The forecasted plan outcome could trigger some FUD or FOMO. However, due to the uncertain over the matter, and its execution timeframe, it's pointless to speculate over that right now. We must wait for the detailed data.
May 16 - Bitcoin halving
A lot of hype has been put over this halving since it was noticed by some traders a correlation between the 2017 Bull run and the past halving reward. But we must keep in mind that even this scarcity play triggers a new bull run, there is a lot of time until there, and the price could be anywhere when this hypothetical bull run starts, so any hype over that its just noise right now.
Even if those events eventually triggered some positive reaction on the price, you must always be rational and pay attention to how the price plays out. And if you are willing to do that, our perspective on this matter it's right down below.
We observe that the Bitcoin formed a , that usually its a signal of correction. However, at this moment the price it's trying a breakout, and if this attempt becomes well succeed, we have three possible zones of defense. Obtained through Fibonacci based at the descending wave movement formed in the previous days, the 61% level is the strongest one and its highlighted at the chart as Strong Resistance (Where the Bears are going to pull a hell of a fight to pressure the price).
In case that the pattern ( Signal) became confirmed, we are going to have as a target the strongest support at approximately $ 7.500 this level holds major importance for the long term trend of Bitcoin , and this could be the defining moment for the continuity of the cycle.
Thank you for reading and leave your comments if you like.