BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The market is cyclical, subject to technical laws and simple logic (see market theory "Puppetry"). If we are talking about Finance: "bubble" inflated, then blew, then followed by repeated inflating until " the horse is dead." If the horse feels comfortable - pulling the ears of the news, in the one and in the other direction, says one thing: the puppet master again and again, take advantage!
But seriously, the news background is interpreted differently.
First news: the Chicago exchange CBOE has filed a new application for the opening of the first bitcoin-ETF to the us securities and exchange Commission (SEC), the issue of ETFs for bitcoin . If you look at the retrospective of gold as a commodity-type instrument (in fact, like bitcoin , equated with the SEC Commission to commodity assets), after the issuance of ETFs, the cost has increased significantly. This was primarily due to the acquisition of the asset without physical delivery.
At the same time, the Issuer supports the ETF with a physical acquisition (purchase of the underlying asset), which leads to an increase in total capitalization, and this is a factor for growth. Mixed funds can also use derivatives, which is not so positive for the stability of the asset in the future. As a result, a bubble of derivatives is inflated. While information on the structure of ETFs on bitcoin is not, as a matter of fact, more or less clear position of the SEC on the issue of ETFs. In this case, at a short distance of time, the derivative will follow the underlying asset and, with the positive decision of the SEC, the market will get a good reason for growth.
In anticipation of the official response of the SEC, the market will be stable. The movement is likely to occur in the growing channel indicated on the chart.
Reasons for growth: Matropattern and price movement from 50 to 200 MA. Plus movement within two growing channels (blue and green).
Comment: In the short term, the market can win back the "head-shoulders" figure.

The probable scenario of the price movement, according to this figure, is visible on the chart.
Comment: At the moment everything is going according to plan! The objective of matropattern executed upon reaching 8700. The target is very close.
There is a high probability that Bitcoin Will not stop at this goal, and will storm new peaks.
The goal, which may be aimed increase after the 8700 - 10600. But first, probably, the price will be adjusted. Possible levels of correction 7460, 7120

So. The first correction target 7460 has been completed.On the chart we can see that BTC went into the yellow channel, at the same time, staying in the blue. Both channels are ascending. The correction is very timely. For growth, we need fuel!


Good job!
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