BeetCorn
Long

The SEC Ruling, possible end to a Bear Market? (Moonshot Trade)

BITMEX:XBT   Bitcoin / US Dollar Index
Lets start with the SEC ruling link: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39

This ruling happens at an interesting point on the chart ( 2/6 )
Obviously the notion is that the news will be negative, but.. i guess im channeling my inner optimist here..

My Other charts show a different scenario of the same timeline - but what if the US has positive news vs negative on 2/6?

I know.. better probability of hell freezing over, but thats why im calling this a moonshot lol

Then we could have been looking at something like this instead:
1. The drop from our key 10100 level was the "X" point on a Butterfly
2. The 9650 level would get rejected as planned, but instead of bouncing - it was the start of the 8000 test
3. 8000 STILL holds, and is a great long entry.
4. We go somewhat sideways till 2/6 getting rejected at every resistance
5. The SEC Shocks the world and has GOOD news on 2/6 to signal the "D" leg of the butterfly and the last leg of the inverse H&S thats been forming
6. Theres been a possible inverse H&S forming since we dropped from 11000 - i dont have much faith in him tho, hes pretty ugly.. and Bitcoin             seems to spit on inverse H&S lately lol.. it bolsters the prediction though

Key levels to watch in this scenario

9650 - If it gets rejected for good on this current run, and does not bounce off 9350, then we go down to 8000 - signifying to me that this current chart is correct

If it gets rejected, and BOUNCES off 9350 up to 10000 then THIS chart is correct

8150 - 8000 is STILL a good long for either scenario

9350 - After bouncing off 8000, if we take off immediately to the 9350 resistance, then were looking at THIS and if we piddle around and go sideways into 2/6 then were looking at this current chart setup.

IF NEWS IS:

Negative - target is long term trend lines of anywhere from 4000-6000 - see other chart ( http://bit.ly/2DWZEXG )

Positive - first targets are:
10800 ( fib )
11800 ( fib )
12600 ( fib + top of bear trend line ) - possible end to bear market

News will be the driving factor here, either to an end of the bear market, or a MAJOR test for Bitcoin            

Please take a look at both scenarios ( http://bit.ly/2DWZEXG ) and drop your opinions in the comments!
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