Today an update on BTC-price action. We will have a look at the TA followed by my opinion on the fundamental news and how the market has reacted to current situation.
On technical side of things, it doesn’t look to good, what are the important things to look at?
-In June we saw a new low since the ATH , these lows are getting lower and the highs are getting lower aswel, this is just not looking healthy at all.
-We have passed 2 major support lines at 6.8K and 6.5K everyone was expecting a bounce of this support levels. It has always be declined. We’ve broken a huge support line 6.8K because the SEC has delayed the decision ( more information down below).
-The next support that we’re heading is the 5.7K. The lowest point we’ve reached since ATH . I think we will break this point aswell, bears have the momentum. The is closing to the oversold area but we’re still not there yet.
-I expect for BTC to decline another bounce opportunity at 5.7K and to near the 5K level. In my opinion is BTC not going under 5K. I think that institutions will get comfortable getting in to this market at these price-ranges. If we go to 5K, BTC-dominance will def be at 50% or more, than we could see back some more transactions going on with alt-coins, some more interested from investors and this could lead to a possible nice uptrend.
So we saw today another 8% downfall. Why? Because BTC-ETF decision is delayed by the SEC. unbelievable stuff right here! This isn’t bad news at all! This means that the SEC is really considering its decision to accept a BTC-ETF. Maybe people were scared how the market would react to this news or were scared that there would be a huge sell-off overnight but this is just unbelievable. I’m a bit disappointed in the traders because we’ve proven here that this market isn’t mature at all at the moment. First the NYSE was , believed in BTC , journalist wrote over 100 articles about that, we saw a decrease of price that day! Now the SEC has delayed the decision according a BTC-ETF and everybody losing their minds? I don’t get it, it’s ideal for institutions though. The fact that we are not trading rationally is a huge advantages for the big players. I think that the big players will come in at 5K, we’re on track to reach that point if we continue to panic-sell like this.
Love to hear your opinion on this!
DM's and comments are always welcome.
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(BTW: i'm a huge bull for BTC in the long run)