Technical: I'm confident that Wave iii has just ended. Because the last wave up was an Ending Fifth Wave Diagonal which led me to believe that the wave has to be a 5th Wave. I see bearish divergence on higher timeframes. Not to mention the overhead heavy resistance leads me to believe that upside potential before a correction is very low. Whereas towards the downside we have a clear path to 7150 (if not more). Heavy support is at 6900. The ratio of Longs vs Shorts is way too high. Too many long positions were opened at the last minute. Were there no long opportunities in the last two weeks? Of course there were! Now if I were a whale would I cause a short squeeze up to kill bears? Hell No! Would I push the market down to kill those greedy bulls? Hell Yeah!
"A fool and his money are quickly parted."
Fundamental: From fundamental standpoint we have reason to go further up in the coming week since there's talk of Bitcoin ETF. As a lawyer, I can say with conviction that SEC will not pass Bitcoin ETFs. But nevertheless it gives rise to a long opportunity till 10th of August. If it gets approved good, we keep the long open. If it gets rejected, we find ourselves a resumption of the downtrend and new short positions.
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
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Lets wait and watch whether the daily candle can close over 200 EMA If it does then the retracement is probably gonna take another week or so Apparently 15% of longs closed at the 8k point. Shorts are stacking up.
Either way we get a period of consolidation (indecision) here
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Market is way too bullish than I imagined. We even got an extended Wave 3 and a very unhealthy Wave iv. I imagine it is due to the anticipation for Bitcoin ETF's. I have changed my EW count. We should get a small retrace here (some profit taking) and then a final wave up. Now due to the mixed consensus of the market it is difficult to estimate the top of Wave 5. As you can see the Potential minute wave 5 can go anywhere in that green box. How will we know that it has reached its top? We should see a strong rejection and a reversal candle on 4h and 1D.
Since SEC has delayed the hearings for Bitcoin ETF's till September. I expect the rejection to come forth as the masses read up on this recent happening.
" As a lawyer, I can say with conviction that SEC will not pass Bitcoin 4.63% ETFs". As a lawyer where? In India? your jurisdiction banned cryptos lol
ShounakShetty
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@Cpt_Leonid, Yes as a lawyer from India who has studied in New York and has passed their Bar Exam. Anyways everyone is entitled to their opinion.
Cpt_Leonid
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@ShounakShetty, alright, I'm sorry, so why do you think it won't be approved? The previous refusal was about: "As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest." And CBOE said that the funds will be safe in all market conditions
CosminAndreiRebegila
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As not a lawyer I can tell you that you are talking trash...
The chances are it will get approved because ETF means you are given a secure way to store and for which you also have to provide your identity. It is their easiest option to be able to know who, how much, when and from where did they buy it for any AML scheme.
@CosminAndreiRebegila, I don't think you know what an ETF is and it's not for joe smoe anyway, see the entry specs. Also, ETFs can be shorted and contrary to futures, they will have to short on the spot market.
@cryptogast33, "Also, ETFs can be shorted and contrary to futures" oh boy.
"I agree with @ShounakShetty that chances of ETF approval are close to zero." oh boy
From he "ACADEMIC" research you have shared: 1.4 Blockchain technology is irrelevant
Now you can go back to penny stocks and sucking dicks.
CryptoSwindle
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@CosminAndreiRebegila, Come back with arguments why when you make ad hominem attacks, because your brain is most likely too small to comprehend terminologies like database and p2p technology such as Napster.
CosminAndreiRebegila
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@cryptogast33, Let me tell you why I cant take you serious kid... I am also a doctor, granted in marketing and advertising, but coming here to post that bullshit "academic" research of 11 pages using that as argument. That is not an academic research even in the standards of Republic of Samoa.
CryptoSwindle
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@CosminAndreiRebegila, You seem to lack the intellect and are pretending to be an internet hero where everyone can pretend anything they are not on the basis thereof, have a nice day