Although I am currently well established into my long position (~6150k), I've decided to share a possible scenario I can see unfolding leading up to the anticipated August 16th ETF announcement/decision.
So far, BTC has seen a steady (yet rapid) growth to 7.8k. This current level between 7.8-8k is a major level of resistance both technically and psychologically. Thus far, BTC Bulls have yet to take any rest nor give up many gains (as expected). However, as we approach this next level of resistance, it is likely to see increase sell pressure as we make our way through this turbulent level.
Taking into account the overbought levels on the slow RSI on the daily, it would not be a surprise to see some form of pullback before ramming through 8k. Does this mean we can't ram through it immediately -- henceforth establishing a base above 8k -- not at all. However, a small pullback would also be healthy.
That said, rather than draw a bunch of lines, circles, squares, triangles, etc., I decided to draw a bit of an extension to the current chart. Yes, there is a bit wishful thinking, but it's definitely a possible scenario nontheless.
(As I said, I am already long... So this chart idea is simply for entertainment purposes only.)
What do you think?
Feel free LIKE and leave your comments below.
Cheers!
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Looks like we're going up faster than I thought. In that case, FASTEN YOUR SEATBELTS! #moonsoon