Bitcoin ETF Rally has come to an end. Bear Market Resumes
A month ago, we saw the start of a new rally based on the hopes of Bitcoin ETF's. Many misjudged it by assuming that it will get passed on the first hearing (i.e. 10th of August). Well that's not how Legislative and Regulatory Bodies work in a democratic state. It was pretty evident that whales filled up their short orders at the 8k ranges. The dump has commenced, now that ETF has been delayed and the retail traders get a sense of what the reality is.
I called this entire rally a Euphoric Market.
Technicals: We lost the main support line of 6900. This completely invalidates most of the bullish scenarios. Daily chart shows bearish continuation patterns. RSI is making a lower low on 4h (bad news for bulls). Now there are weak support in the ranges of 6200-6350 but I expect nothing but a small reaction here. Nothing of significance. We have confirmation that the market is continuing the bear trend that started in early 2018.
Further down, we have 5811 which shows slightly more confidence. Not only was it the support line from where the previous rally started but is also the 3.618 fib level of this move down.
A word of caution, Short vs Longs are way up again. This range of 6200-6350 might create a move which would be enough to liquidate all the last minute bears who are at 20x or more leverage.
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
I called this entire rally a Euphoric Market.
Technicals: We lost the main support line of 6900. This completely invalidates most of the bullish scenarios. Daily chart shows bearish continuation patterns. RSI is making a lower low on 4h (bad news for bulls). Now there are weak support in the ranges of 6200-6350 but I expect nothing but a small reaction here. Nothing of significance. We have confirmation that the market is continuing the bear trend that started in early 2018.
Further down, we have 5811 which shows slightly more confidence. Not only was it the support line from where the previous rally started but is also the 3.618 fib level of this move down.
A word of caution, Short vs Longs are way up again. This range of 6200-6350 might create a move which would be enough to liquidate all the last minute bears who are at 20x or more leverage.
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Trade closed: target reached:
