Btc has shown incredible resiliance over the last few weeks which is quite possibly down to being propped up by the pending ETF decision.
Here are two senarios which will play out.
I expect a road to the 5th wave of recovery from the initial PBOC
Positive ETF announcement could propel us to c.1400 which is the 1.618 of the move which took us to $1060
Negative ETF announcement could Drop us back to retest the $700-$800s and quite possibly beyond to which would form the longer term handle of the mega cup.
Im leaning on the side of negative news but will be a bull until the decision date.. and looking for any indicative insider moves in the days leading up.. which seemingly tend to tell a story in this market!
I dont think the ETF decision will do anything other than delay the long term break out of ATH.
PB
Here are two senarios which will play out.
I expect a road to the 5th wave of recovery from the initial PBOC
Positive ETF announcement could propel us to c.1400 which is the 1.618 of the move which took us to $1060
Negative ETF announcement could Drop us back to retest the $700-$800s and quite possibly beyond to which would form the longer term handle of the mega cup.
Im leaning on the side of negative news but will be a bull until the decision date.. and looking for any indicative insider moves in the days leading up.. which seemingly tend to tell a story in this market!
I dont think the ETF decision will do anything other than delay the long term break out of ATH.
PB
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Follow on Twitter @filbfilb
