Well, as soon as BTC starts showing some strength again, I start seeing the funniest pictures on tradingview. People calling 100k this year. That is some real shilling right there.
Yeah, let's make the newbies think that the ETF is a magical 100k+ machine, the ETF will just buy up ALL THE COINS, drive up the market volume magically x10-20, bring millions of new people into crypto withint the next few weeks, magically buy up the 1800 coins that are minded per day,
and then buy even more coins, hehe.
You see where I am going with this. Yes, if the ETF gets approved, it will be an awesome achievement for BTC, and very good in the long run, meaning from 2019 onwards. But the ETF needs some time to kick in. It WILL kick in, but not instantly, that is not how this works. For the next
bullrun we need REAL volume, REAL people, REAL hype. The ETF cannot do this alone.
By the way, I called such a corrective structure already months ago:
Therefore I am not too surprised. I sit back and ejoy the show :) Short term I am bullish (1-2 weeks), mid-term bearish (5-8 months), longterm (1+ years) always bullish :)
Yeah, let's make the newbies think that the ETF is a magical 100k+ machine, the ETF will just buy up ALL THE COINS, drive up the market volume magically x10-20, bring millions of new people into crypto withint the next few weeks, magically buy up the 1800 coins that are minded per day,
and then buy even more coins, hehe.
You see where I am going with this. Yes, if the ETF gets approved, it will be an awesome achievement for BTC, and very good in the long run, meaning from 2019 onwards. But the ETF needs some time to kick in. It WILL kick in, but not instantly, that is not how this works. For the next
bullrun we need REAL volume, REAL people, REAL hype. The ETF cannot do this alone.
By the way, I called such a corrective structure already months ago:
Therefore I am not too surprised. I sit back and ejoy the show :) Short term I am bullish (1-2 weeks), mid-term bearish (5-8 months), longterm (1+ years) always bullish :)
Note
THe peak of the corrective structure in my analysis from early June is "2", sitting at around 9300. I am raising this, since there has not been a drop to 4800, therefore this pumpt could very well reach 10k.Note
So, I think BTC is resting at the log resistance line, to take some breath before the next push up. Daily stoch RSI is falling sharply: Therefore, I think a push will bring us above the resistance, towards the next big resistance at the 10k area, within the next 1-2 weeks. We still will see 1-2 green weekly candles, so that weekly Stoch RSI will be in overbought territory. Then I think the slow grind down will continue.
By the way, the ETF decision can be delayed until March 2019, that is when we'll see the final SEC decision at the latest. This coincides with where I suspect the bottom and trend reversal to bull market.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.