leongaban
Long

BTC tries another rebound into the weekly downward trendline

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I was dead on calling this past bounce on Aug 16th:

Now finally with the bears exhausted and shorts squeezed, we see the bulls counter attacking... however without an ETF approval they have no backup. What I see happening is the same trend back in Aug, but at a smaller scale. IMHO, Bitcoin bulls have enough gas to reach the 7200 range again, before getting destroyed by the weekly downward trend line .

Note my pink curve line is generous, we are still in a heavy bearish environment, and the last bounce didn't even have the strength to reach the weekly trend line , but got rejected by the Ichi Moko cloud.

Only an ETF approval or official Bakkt launch can hope to change the trend. Otherwise barring those 2 things, we will have to wait till full capitulation 3k-1300k range for Bitcoin before the Bulls can return in force to pick up discounted coins.

I'm only long in the short term, few weeks - month.
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