Short summary of this trend analysis idea:
SEC Decision Date
The United States Securities and Exchange Commission (SEC) has postponed its decision on a Bitcoin exchange-traded fund (ETF) multiple times.
The SEC set a final deadline for Feb. 27, 2019.
Historically, news about a Bitcoin ETF has influenced the price significantly. And the price is now locked in a symmetrical triangle formed by two long-term trendlines (in blue) which converge around the SEC decision date.
Approval & Disapproval Price Targets
A disapproval will trigger more selling pressure, elongating the bear market.
Disapproval negative sentiment:
short term fallback in the vicinity of $2000-1800.
Approval positive sentiment:
Rally back to the breakdown level of $6000-6400.
chart features:
Trendline
Logarithmic longterm trendline in bold white with historical support points.
Horizontal Price Grid
This is an experimental grid, the price action is symmetrically divided in ratios from a center outwards. Marked '0', the horizontal center is set at the level of the previous bull market high at the end of 2013.
Vertical Time Grid
Time is divided in Fibonacci ratios. The largest cycle is in bold lines, with the inner blue vertical lines being divisions of the larger one.
SEC Decision Date
The United States Securities and Exchange Commission (SEC) has postponed its decision on a Bitcoin exchange-traded fund (ETF) multiple times.
The SEC set a final deadline for Feb. 27, 2019.
Historically, news about a Bitcoin ETF has influenced the price significantly. And the price is now locked in a symmetrical triangle formed by two long-term trendlines (in blue) which converge around the SEC decision date.
Approval & Disapproval Price Targets
A disapproval will trigger more selling pressure, elongating the bear market.
Disapproval negative sentiment:
short term fallback in the vicinity of $2000-1800.
Approval positive sentiment:
Rally back to the breakdown level of $6000-6400.
chart features:
Trendline
Logarithmic longterm trendline in bold white with historical support points.
Horizontal Price Grid
This is an experimental grid, the price action is symmetrically divided in ratios from a center outwards. Marked '0', the horizontal center is set at the level of the previous bull market high at the end of 2013.
Vertical Time Grid
Time is divided in Fibonacci ratios. The largest cycle is in bold lines, with the inner blue vertical lines being divisions of the larger one.
Comment:
BTC is nearing multiple resistances
+ BTC LONGS Close to ATH, I'd wait for a break and confirmation above the 100 MA
+ BTC LONGS Close to ATH, I'd wait for a break and confirmation above the 100 MA
www.coindesk.com/cbo...bitcoin-etf-proposal
Missed this one ^^