Bitcoin has fallen over 6% in mere hours after the announcement that one of the largest crypto exchanges, Binance, is being sued by the SEC. Now seems the best time for me to put in buying orders at certain support price levels.
I see three Scenarios:
1.The news that SEC is suing Binance will have no short term aftereffect on the Bitcoin price. The price will recover quickly. This seems unlikely based on negative historical BTC events, which are usually followed by heavy panic selling and bear whale market manipulation. I expect the price to be pushed down lower than here. No Plateau continuation likely.
2. I expect the price to be pushed by the bears, towards the Golden Ratio of the Fibonacci Retracement, at which point we will see a hard support level. At this point, the FUD has been likely exhausted and the bulls are back in play. We might Plateau here for a while at 24-25k (+/-0.3k). High probability scenario.
3. We see more/new FUD, which sends the panic selling into overdrive. The Golden Ratio support does not hold. The BTC price will take a hit and I expect this will push the price down to the low 20k's (+/-0.3k). Unlikely, but possible scenario. Next support level will be at 20 - 17k.
I see three Scenarios:
1.The news that SEC is suing Binance will have no short term aftereffect on the Bitcoin price. The price will recover quickly. This seems unlikely based on negative historical BTC events, which are usually followed by heavy panic selling and bear whale market manipulation. I expect the price to be pushed down lower than here. No Plateau continuation likely.
2. I expect the price to be pushed by the bears, towards the Golden Ratio of the Fibonacci Retracement, at which point we will see a hard support level. At this point, the FUD has been likely exhausted and the bulls are back in play. We might Plateau here for a while at 24-25k (+/-0.3k). High probability scenario.
3. We see more/new FUD, which sends the panic selling into overdrive. The Golden Ratio support does not hold. The BTC price will take a hit and I expect this will push the price down to the low 20k's (+/-0.3k). Unlikely, but possible scenario. Next support level will be at 20 - 17k.
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I see a bounce in the high 24k's. The bulls are dominating. I am hoping to see a reverse head and shoulders and a rise beyond 30k.
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It would seem that the pump was likely caused by big banks buying up the cheap Bitcoin from the SEC FUD. I see a weekly bull run forming, lets see if we can keep 30k for another few days.
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The new line to watch is 29.5k. Anything below that is dangerously close to bearish sentiment.
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The Bitcoin ETF news from BlackRock sounds promising. But I am wary.
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Big players are gathering around to secure their spot BTC ETF. The Bitcoin ETF news is going to skyrocket the BTC price, should they meet with SEC approval. Should they fail, then the price dip will be superficial and purely speculative in nature. Either way, I am hodling BTC. I see no point in selling.