The past 3 months we have seen volatility in BTC drop to near all time lows. We have seen the markets whipsaw back and forth looking for direction. I have outlined that BTC has begun to shift it's channel to the upside identified by the gold trendline in previous posts. We stopped following the green downward channel and began seeing the gold act as support multiple times over and continue to do so.
Fundamentally, there are a lot of reasons for BTC creating a new base. Some of the large reasons are:
1. Bakkt futures launch in December. This is a big deal because they settle in physical bitcoin and it's being regulated/monitored by ICE.
2. SEC looking to give the green light to ETF's. There was a meeting with the new SEC chairman earlier this month which was very favorable to getting this approved. Look for this to get some tranaction in December
3. There are ton of reasons right now and articles like this that lay out why: medium.com/@thinkout...-future-4f95980bb774
If you connect the dots on why BTC would start flooring out with services like futures and potential ETF's coming out, it makes sense that price is creating a new floor off of this gold trendline. We have broken this purple downward trendline, but follow through has been limited. While limited, I am fairly confident that if we were going to BTC 4k, we would have done so already. This leads me to believe that as fundamentals start happening, we will slowly move up in a range for the next month or so, providing for plenty of opportunity for traders.
Trading wise, if you are looking for trades by up any dips from the $6,300-$6,400 range and sell at the top of this channel at 7k. With everything coming out, I wouldn't dare short it at this point just buy dips. You all know I have been Long at this point.
Happy trading and hodling. Don't stress. Don't use leverage.
-Sherem
Fundamentally, there are a lot of reasons for BTC creating a new base. Some of the large reasons are:
1. Bakkt futures launch in December. This is a big deal because they settle in physical bitcoin and it's being regulated/monitored by ICE.
2. SEC looking to give the green light to ETF's. There was a meeting with the new SEC chairman earlier this month which was very favorable to getting this approved. Look for this to get some tranaction in December
3. There are ton of reasons right now and articles like this that lay out why: medium.com/@thinkout...-future-4f95980bb774
If you connect the dots on why BTC would start flooring out with services like futures and potential ETF's coming out, it makes sense that price is creating a new floor off of this gold trendline. We have broken this purple downward trendline, but follow through has been limited. While limited, I am fairly confident that if we were going to BTC 4k, we would have done so already. This leads me to believe that as fundamentals start happening, we will slowly move up in a range for the next month or so, providing for plenty of opportunity for traders.
Trading wise, if you are looking for trades by up any dips from the $6,300-$6,400 range and sell at the top of this channel at 7k. With everything coming out, I wouldn't dare short it at this point just buy dips. You all know I have been Long at this point.
Happy trading and hodling. Don't stress. Don't use leverage.
-Sherem
Comment:
check out my piece in the dailyhodl! - dailyhodl.com/2018/1...r-the-next-big-move/
Comment:
Some nice movement on BTC, if we break above 6650-6700 we should get some continuation higher.
Comment:
For anyone interested, I posted a BTC chart with coinbase as the reference point instead of Bitfinex.
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