Here is what I'm noticing, on the long timeframes, weeks and months, there are some really strong support lines which Bitcoin has never broken down on the log chart.
The Price movement of Bitcoin has been heading to the bottom of this epic channel ever since the fall from 19k and the start of the 3rd major Bitcoin winter. (2012, 2014-2016 and now 2018).
There are a lot of strong supports interwoven around that purple rectangle I've drawn. The 5800 support which has been the strongest recent support, Tone Vaye's 4975, strong volume support as indicated by the VPVR row around 4400, and then the bottom trend line of the epic Bitcoin channel. If the SEC's decision lines up, a lot of good things could coalesce at once to reignite the bulls. The SEC could delay their ETF decision till Q1 next year, however since this is the CBOE's ETF and with institutional custodian solutions coming from ICE and others, it is not hard to imagine an approval this year.
Until we get there, stay safe with tight stop losses.
The Price movement of Bitcoin has been heading to the bottom of this epic channel ever since the fall from 19k and the start of the 3rd major Bitcoin winter. (2012, 2014-2016 and now 2018).
There are a lot of strong supports interwoven around that purple rectangle I've drawn. The 5800 support which has been the strongest recent support, Tone Vaye's 4975, strong volume support as indicated by the VPVR row around 4400, and then the bottom trend line of the epic Bitcoin channel. If the SEC's decision lines up, a lot of good things could coalesce at once to reignite the bulls. The SEC could delay their ETF decision till Q1 next year, however since this is the CBOE's ETF and with institutional custodian solutions coming from ICE and others, it is not hard to imagine an approval this year.
Until we get there, stay safe with tight stop losses.