I am continuing to post about Wyckoff logic and Triple ZigZag correction, combined with Fibonacci Levels.
Will bitcoin recover? Pay attention on the 0.618 and 0.5 Fibonacci levels to buy the Bitcoin, sell levels will be 10000$-12000$
For current situation we have to break one more important level 6000$ and fall on the 5000$ and maybe 4000$ level, before make good Jump to the 10000$-12000$.
As you can see volume decreasing, that means no buyers/sellers on this levels, and no good trading volumes these days. Many traders waiting in fiat now, as the volatility reduced due to balance between bulls and bears.
Besides that on lower timeframes we can see clear bearish i-ii-iii-iv-v Waves down, with forming wave v. Now we in this wave v and in subwave (1)-(2) which should retrace to 6300-6400$ zone, and waves (3)-(4)-(5) should fall down to 5000$ or even 4000$ level. The zone between 5000$ and 4000$ will be basic to take positions on Bitcoin. I expect this fall as last one for bitcoin, and after that might come "new rally" to 10000$-12000$ Price range.
This is view for Bitcoin for 2018 year.
Few words about Fundamentals: 1. Miners won't stop mine if price falls lower 5000$ level. There is so many countries where you can mine with way cheaper cost. And China still mines BTC with cost near 3000$...
2. Recently SEC opened the CBOE ETF filing for public comments and what it means for the crypto market.
- Well, I've read few comments and most of them talking about push the price up to new ATH... Of course, if Commission will approve Bitcoin ETFs it might be a good for market in short term. But IMO it won't pump price to ATH...
My analysis is based on Fibonacci levels and Wyckoff Logic, so price might touch 1.272 (9800$) and 1.618 (12240$), this levels Will be basic for Taking Profits from this move.
Commission should approve/disapprove Bitcoin ETFs in 10 August, so set reminder to take profits.
Good luck, have a profitable trades! Place comment and hit like!
評論
⋅
Some sources said that Commission might approve/disapprove Bitcoin ETFs at August 16
The Federal Register publication only appeared on July 2, meaning the date for a decision can be no sooner than August 16. Even then, the date can be extended if required and even once the eventual date does arrive the SEC can still initiate further proceedings to assist in decision making.
Wording from the notice:
“Within 45 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding[…]”
Lol, a couple of months ago all the Prow traders were showing moon at 6k. Now the same Prow traders are saying moon at 4k. You'll be very sad when you get short-squeezed. Just flip all over all these noob bear charts... We're at 41 weekly RSI the same as in early 2015. I bought BTC then and I'm buying it now.
ArShevelev
⋅
@metric44, all pros trade what they see, so that's why most of them shows 6k as good support
Nash88
⋅
I think that comission will say: "idite vi v zhopu so svoim bitcoinom!" And price will drop to 3200
why u moon boys think ETF will rise BTC price????? Can someone that has actual knowledge explain this cause in traditional markets it doesn't mean SHIT!!!!!! OTC price of BTC is at discount of 15 to 20% so why would they invest in ETF?????? Dont make any sense and just like everyone in december was so exited about futures we know what happened..... ETF wont be approved and TETHER scam will be investigated any time soon and we know where this will end up somewhere in next year. U will never see BTC over 10k again screen shot this and prove me wrong in 2019!!!!
GStack
⋅
@zoran83ns, Pro tip for you bud, try not to use the term "never". It's a dead giveaway that you're super new to crypto.
CosminAndreiRebegila
⋅
One thing that any professional trader knows is that 90% of the retail traders loose; Since most of these retail traiders lack the proper combination of skills to trade, relaying just on indicators without a gameplan to corelate is showing that you are about to loose on that trade and that I am willing to take the other side of the coin.
I am not a proffesional trader and I am not going to take any trades on this current market situation but from my experience and by understanding the fundamentals of how the future contracts work (which are currently defining the price of the bitcoin more by a 9 to 1 ration for standard/margin trading) you can simply understand the fact that your chart is wrong and the chances are in favor for the BTC/USD price to be lower at the end of July and higher between 28 July -3 of August in contrast with what you have on this "prediction" chart.