Been a while and well honestly, market was boring so had nothing really to discuss. About 10 days or so ago was last post and we sat around $3400 and this morning we were sitting just around there still. And then things took off.
$20k here we come! Right?
Well maybe. So from some brief looks around, it appears everyone is all jazzed up about SECs quick statement regarding a BTC ETF. The quote I read regarding it was as follows:
"eventually, do I think someone will satisfy the standards that we've laid out there? I hope so, yes, and I think so"
Positive? Sure. Time frame given? No.
So everyone rushes in as this is greatest news ever. Price pumps and now we wait, a day, a week, a month? Not sure. But if no sign of ETF approval actually coming anytime soon, I'd be concerned with down everything falls again.
Great trade opportunity if in early here? Absolutely. Especially on LTC or ETH.
But lets take a look at a bigger picture. The weekly chart.
Been a while since I included this in any chart posts but since our plummet from $6500's in November and our eventual bottom at $3129 in December we watched the following:
Bounce from $3129 low to $4239. This becomes a lower high on our weekly.
Bulls then prevented a lower low from coming in and now the low of last week could be a Higher Low which was at $3338. Need to see some further follow through here on BTC to confirm but I'd lean likely $3338 will hold as a higher low.
So in order for bulls to change the trend on this weekly chart, they need to get a Higher High compared to $4239. Anything below is just another lower high and puts the bulls right back on the defensive in trying to prevent a lower low from coming in.
More positive news from SEC would certainly help. An ETF actually being approved would certainly get us the higher high on weekly. But otherwise its still a battle for these bulls. Looking at LTC weekly chart however and they actually did get a higher high on the weekly! LTC had a low of $22.17 followed by a lower high of $41.27 and then a higher low just like BTC is likely giving us and now a higher high on weekly for LTC with it thus far topping out at $44.38 today. So an incredible 100% bounce since the December low on LTC and what is a much healthier pattern on weekly than BTC is at thus far. So bulls need to see BTC follow in LTC's footsteps in terms of patterns on the weekly chart and find a higher high. Unlikely in my opinion as even from todays high so far, still another 14% or so away. But stay patient if bullish, stay protective. If you caught this move early and are in profit, protect them. I personally missed in and have been just too busy to watch the market much this week. But with some consolidation on some of these names, I'd certainly consider scaling into positions to see if they can make a push higher but remain far from changing overall outlook to bullish.
Just My 2 Sats!
$20k here we come! Right?
Well maybe. So from some brief looks around, it appears everyone is all jazzed up about SECs quick statement regarding a BTC ETF. The quote I read regarding it was as follows:
"eventually, do I think someone will satisfy the standards that we've laid out there? I hope so, yes, and I think so"
Positive? Sure. Time frame given? No.
So everyone rushes in as this is greatest news ever. Price pumps and now we wait, a day, a week, a month? Not sure. But if no sign of ETF approval actually coming anytime soon, I'd be concerned with down everything falls again.
Great trade opportunity if in early here? Absolutely. Especially on LTC or ETH.
But lets take a look at a bigger picture. The weekly chart.
Been a while since I included this in any chart posts but since our plummet from $6500's in November and our eventual bottom at $3129 in December we watched the following:
Bounce from $3129 low to $4239. This becomes a lower high on our weekly.
Bulls then prevented a lower low from coming in and now the low of last week could be a Higher Low which was at $3338. Need to see some further follow through here on BTC to confirm but I'd lean likely $3338 will hold as a higher low.
So in order for bulls to change the trend on this weekly chart, they need to get a Higher High compared to $4239. Anything below is just another lower high and puts the bulls right back on the defensive in trying to prevent a lower low from coming in.
More positive news from SEC would certainly help. An ETF actually being approved would certainly get us the higher high on weekly. But otherwise its still a battle for these bulls. Looking at LTC weekly chart however and they actually did get a higher high on the weekly! LTC had a low of $22.17 followed by a lower high of $41.27 and then a higher low just like BTC is likely giving us and now a higher high on weekly for LTC with it thus far topping out at $44.38 today. So an incredible 100% bounce since the December low on LTC and what is a much healthier pattern on weekly than BTC is at thus far. So bulls need to see BTC follow in LTC's footsteps in terms of patterns on the weekly chart and find a higher high. Unlikely in my opinion as even from todays high so far, still another 14% or so away. But stay patient if bullish, stay protective. If you caught this move early and are in profit, protect them. I personally missed in and have been just too busy to watch the market much this week. But with some consolidation on some of these names, I'd certainly consider scaling into positions to see if they can make a push higher but remain far from changing overall outlook to bullish.
Just My 2 Sats!
