BTC has really been in the doldrums since our last analysis. I have seen a lot of analysis that call for BTC to go to $4,000. A lot of these analyst's make a comparison to the 2014 bear market. However, in short, I think that comparison is just to obvious. If people were actively anticipating it going to 4k, why aren't we there yet? If you remember, I was in that camp and I think it would have gone there already if we were going to 4k. Think about those charts that are posted, every single one has BTC going to the moon after we hit 4k. If you think it's going to moon, why not start buying some now? It appears that is what's happening now as we carve out this bottom in conjunction with this ascending gold trendline I have outlined on my chart.
If we look at how this wedge pattern has shifted from a downward channel, to trying to form a descending triangle, to now basing out at the gold trendline. This shift along with the massive divergence on RSI and MACD that is forming lead me to believe that we will get a break to the upside. If we zoom out and look at the weekly chart, it appears this could be a massive continuation pattern. The first target after we break out will be to $10,000.
We do need to be mindful that if we do in fact break this 5.7k mark, we could very well have more downside in the cards and the next target before a rebound would be 5-5.25k at the bottom of the channel here.
I am biased to the upside with what I am seeing at this point. My best guess for a major move to happen will be after the VanEck ETF decision by the SEC this month. I imagine we will have a similar reaction to when the other ETF's got sidelined. Nothing will happen after the annoucement, and then we will move up. There is no reason the SEC would approve the VanEck ETF at this point and it should NOT be a surprise to anyone that it gets delayed. If the market rockets down after that ETF gets denied it will be a clear sign of either manipulation or stupidity. In my view, the only surprise should be if this gets approved. Otherwise, the SEC will kick the approval down the road as long as possible cause that's what they do.
Happy hodling.
-Sherem
If we look at how this wedge pattern has shifted from a downward channel, to trying to form a descending triangle, to now basing out at the gold trendline. This shift along with the massive divergence on RSI and MACD that is forming lead me to believe that we will get a break to the upside. If we zoom out and look at the weekly chart, it appears this could be a massive continuation pattern. The first target after we break out will be to $10,000.
We do need to be mindful that if we do in fact break this 5.7k mark, we could very well have more downside in the cards and the next target before a rebound would be 5-5.25k at the bottom of the channel here.
I am biased to the upside with what I am seeing at this point. My best guess for a major move to happen will be after the VanEck ETF decision by the SEC this month. I imagine we will have a similar reaction to when the other ETF's got sidelined. Nothing will happen after the annoucement, and then we will move up. There is no reason the SEC would approve the VanEck ETF at this point and it should NOT be a surprise to anyone that it gets delayed. If the market rockets down after that ETF gets denied it will be a clear sign of either manipulation or stupidity. In my view, the only surprise should be if this gets approved. Otherwise, the SEC will kick the approval down the road as long as possible cause that's what they do.
Happy hodling.
-Sherem
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and please hit the like button to show your support, thanks!
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last post for reference -
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Also, The daily Hodl now has me as a featured author, check it out! dailyhodl.com/2018/0...vaneck-etf-decision/
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Looks like my post couldn't have come at a better time. This recent movement was because the VanEck ETF got postponed to Dec 29th per this article. there is also a link to the SEC article as well - www.cryptoglobe.com/...-solidx-bitcoin-etf/
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Lot of pressure at this 6.55k level right now, we bust this we are going to 7k rather quick.
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We broke out of that channel. When we break 7k, there is nothing in its way until 10k. I don't expect it to go there over night, but gradually... There will be some resistance at 8k, but I will be holding until 10k.
If you are looking for a stop, put it below 6.2k. It might test that support area one last time before breaking out.
If you are looking for a stop, put it below 6.2k. It might test that support area one last time before breaking out.
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Monday update:
