Good Morning/Afternoon/Evening!
It's time for the Weather! A Bitcoin ETF just got rejected(or Re-rejected) weeks earlier than we were expecting. And not just any ETF. A CBOE backed ETF.
Before you bite my head off and say "No No No! Winklevoss! CBOE will make btc MOOOON" ...Firstly, understand that the appeal for the Winklevoss ETF was made by the CBOE. They appealed the March 2017 decision and applied to have it listed on their Bats BZX Exchange, Inc. (“BZX”). Go to Bats.com. It literally directs you to the CBOE website. Because the CBOE own/runs that exchange, the SEC rejected a CBOE backed bitcoin ETF, citing strong concerns about market manipulation among many other things. In light of this recent news, the other ETF's don't stand a chance. The SEC isn't going to change thier minds in a month or two. And the SEC isn't wrong. The bitcoin market is volatile, ruthless, and heavily manipulated by bots, whales & pump/dump groups. It's great if you know how to avoid the hurdles, but it's a got long ways before its going to be considered safe enough for retail investment by the SEC. More info --> www.sec.gov/rules/ot...er/2018/34-83723.pdf
Now, to the technical analysis portion. This chart isn't going to be 100% exact(obviously), but it'll be pretty damn close if my record holds true for this bear market. I'm expecting about a month long decline back into that 6k support range at the .236 fib level. Probably a little lower. ~$5600. Then a low volume rally back up to around 7500 just before the rest of the ETF's get rejected in September. After that, we'll a large sell off where we will finally find a bottom sometime in early November(ish). I don't expect it to drop all the way to $3600 but thats the lowest it COULD go. Really.. I'm expecting a bottom at or just above $4000. After that, I'm expecting sideways action, and an alt rally while new investors enter the space. By spring 2019, we should done with our massive correction and start climbing steadily back up from 3+ year confirmed support trend you can find on Log-scale on the daily or weekly. I'll post a weekly chart in the comments so you can see what I mean. We might see another bubble start to form near the end of 2019/early 2020.
If you found this helpful and want to follow my day to day TA on BTC, other alts, or just want to chat. Come check discord I work for --> discord.gg/m4d7cnG
There you'll find expert TA for multiple anaylists, educational videos, project write ups and so much more!
COMING SOON: rollinpremier.com/
With Love,
No_L
DISCLAIMER:
The information provided is not to be considered as a recommendation to buy certain assets or currencies and is provided solely as an educational and information resource to help traders make their own decisions. Past performance is no guarantee of future success. It is important to note that no system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the attached material will guarantee profits or ensures freedom from losses. I shall not be liable to the participant for any damages, claims, expenses or losses of any kind (whether direct or indirect) suffered by the participant arising from or in connection with the information obtained or ideas that I've shared.
It's time for the Weather! A Bitcoin ETF just got rejected(or Re-rejected) weeks earlier than we were expecting. And not just any ETF. A CBOE backed ETF.
Before you bite my head off and say "No No No! Winklevoss! CBOE will make btc MOOOON" ...Firstly, understand that the appeal for the Winklevoss ETF was made by the CBOE. They appealed the March 2017 decision and applied to have it listed on their Bats BZX Exchange, Inc. (“BZX”). Go to Bats.com. It literally directs you to the CBOE website. Because the CBOE own/runs that exchange, the SEC rejected a CBOE backed bitcoin ETF, citing strong concerns about market manipulation among many other things. In light of this recent news, the other ETF's don't stand a chance. The SEC isn't going to change thier minds in a month or two. And the SEC isn't wrong. The bitcoin market is volatile, ruthless, and heavily manipulated by bots, whales & pump/dump groups. It's great if you know how to avoid the hurdles, but it's a got long ways before its going to be considered safe enough for retail investment by the SEC. More info --> www.sec.gov/rules/ot...er/2018/34-83723.pdf
Now, to the technical analysis portion. This chart isn't going to be 100% exact(obviously), but it'll be pretty damn close if my record holds true for this bear market. I'm expecting about a month long decline back into that 6k support range at the .236 fib level. Probably a little lower. ~$5600. Then a low volume rally back up to around 7500 just before the rest of the ETF's get rejected in September. After that, we'll a large sell off where we will finally find a bottom sometime in early November(ish). I don't expect it to drop all the way to $3600 but thats the lowest it COULD go. Really.. I'm expecting a bottom at or just above $4000. After that, I'm expecting sideways action, and an alt rally while new investors enter the space. By spring 2019, we should done with our massive correction and start climbing steadily back up from 3+ year confirmed support trend you can find on Log-scale on the daily or weekly. I'll post a weekly chart in the comments so you can see what I mean. We might see another bubble start to form near the end of 2019/early 2020.
If you found this helpful and want to follow my day to day TA on BTC, other alts, or just want to chat. Come check discord I work for --> discord.gg/m4d7cnG
There you'll find expert TA for multiple anaylists, educational videos, project write ups and so much more!
COMING SOON: rollinpremier.com/
With Love,
No_L
DISCLAIMER:
The information provided is not to be considered as a recommendation to buy certain assets or currencies and is provided solely as an educational and information resource to help traders make their own decisions. Past performance is no guarantee of future success. It is important to note that no system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the attached material will guarantee profits or ensures freedom from losses. I shall not be liable to the participant for any damages, claims, expenses or losses of any kind (whether direct or indirect) suffered by the participant arising from or in connection with the information obtained or ideas that I've shared.