Coinbase forming a PAC (Political Action Committee), Blackrock taking a deeper look at the market, Sherman's comments on Bitcoin, FATF (Financial Action Task Force) being asked to clarify KYC and AML procedures and regulations for crypto assets, the SEC's decision on a Bitcooin ETF (which, by the way, will probably be on, or after, August 16th: cryptodisrupt.c...e-on-august-10/?cn-reloade...).... where's it all going?
I expect, with the help of my overlays and indicators, that Bitcoin will continue it's upward movement for the next two-three weeks before consolidating.
God Edition pinpointed an excellent buy opportunity a couple of weeks ago.
This has since been substantiated, in the yellow ellipse, by the 'Plot' (yellow line) crossing above the 'Swingbeat' (white line) in the CMO. This signals a current of bullish activity.
Not only this, but on the bottom of the screen we can see the 'Plot' (purple line) bracing, and preparing to cross, the 'Swingbeat' (white line) in the Longs vs Shorts indicator. We can also see that the 'Short' (red line) is beginning to converge with the 'Long' (green line) after a sudden divergence. This could be interpreted as a loss of bullish momentum, but I think it's better described as a consolidation of momentum after the recent surge in activity.
In lieu of the huge anticipation of a Bitcoin ETF, I expect that after the announcement (which I imagine, as many others do, will be a good one) we'll see some profit-taking.
I expect, with the help of my overlays and indicators, that Bitcoin will continue it's upward movement for the next two-three weeks before consolidating.
God Edition pinpointed an excellent buy opportunity a couple of weeks ago.
This has since been substantiated, in the yellow ellipse, by the 'Plot' (yellow line) crossing above the 'Swingbeat' (white line) in the CMO. This signals a current of bullish activity.
Not only this, but on the bottom of the screen we can see the 'Plot' (purple line) bracing, and preparing to cross, the 'Swingbeat' (white line) in the Longs vs Shorts indicator. We can also see that the 'Short' (red line) is beginning to converge with the 'Long' (green line) after a sudden divergence. This could be interpreted as a loss of bullish momentum, but I think it's better described as a consolidation of momentum after the recent surge in activity.
In lieu of the huge anticipation of a Bitcoin ETF, I expect that after the announcement (which I imagine, as many others do, will be a good one) we'll see some profit-taking.