Grinding hourly EMA resistance and trying to see the first bounce in a long time.
Bulls are building a base of support but there is little conviction for any bounce follow through.
RSI on the hourly and 4 hour have cooled off overnight which does open up the potential of another leg down.
If bulls get over hourly EMA resistance, we zoom out to the 4 hour and watch that time frame EMA resistance.
BTC ETF decision August 10th will have the bulls hopeful. We will be watching for some buying heading into the decision.
Note the ETF currently 1 share would cost $150k+ so this is pricing out a lot of retails traders and investors.
What this does do for the bulls is set a date and give bulls more incentive to hold out.
I dont have a ton of hope for the ETF passing, but we will monitor it for the next month!
Bulls are building a base of support but there is little conviction for any bounce follow through.
RSI on the hourly and 4 hour have cooled off overnight which does open up the potential of another leg down.
If bulls get over hourly EMA resistance, we zoom out to the 4 hour and watch that time frame EMA resistance.
BTC ETF decision August 10th will have the bulls hopeful. We will be watching for some buying heading into the decision.
Note the ETF currently 1 share would cost $150k+ so this is pricing out a lot of retails traders and investors.
What this does do for the bulls is set a date and give bulls more incentive to hold out.
I dont have a ton of hope for the ETF passing, but we will monitor it for the next month!
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