ProShares Aug 23 | Weekly bull pinbar | Leaning bearish
Hello TView!
You better pay attention to August 23rd for the BTC Proshares ETF decision. This will either waterfall the BTC price to the downside if it gets rejected or give it a nice bullish boost if it's approved. Max target on approval $7000-7400. Target to the downside if denied is $5500. This price tightening is perfectly timed and don't think it's a coincidence it is planned by the big players.
My opinion is that it will the ETF may get rejected but I'll be happy if it gets approved :)
Hope you enjoyed my analysis, please share, give me a thumbs up or comment. Thank you!
Cheers!
You better pay attention to August 23rd for the BTC Proshares ETF decision. This will either waterfall the BTC price to the downside if it gets rejected or give it a nice bullish boost if it's approved. Max target on approval $7000-7400. Target to the downside if denied is $5500. This price tightening is perfectly timed and don't think it's a coincidence it is planned by the big players.
My opinion is that it will the ETF may get rejected but I'll be happy if it gets approved :)
Hope you enjoyed my analysis, please share, give me a thumbs up or comment. Thank you!
Cheers!
Comment:
Just as a clarification: Proshares ETF decision can be delayed up to 240 days
Comment:
Scratch the comment above^
Proshares ETF decision is final on August 23rd
The other 8 or 9 ETF's still hanging can still be delayed
Proshares ETF decision is final on August 23rd
The other 8 or 9 ETF's still hanging can still be delayed
Comment:
BTCUSD (Bitfinex) longs/shorts ratio: 40.4%/59.6%
Shorts still climbing!
Shorts still climbing!
Comment:
Below are rules for the next bull run and my target for the end of this bear cycle and the beginning of the next bull cycle
Here is my formula for the next bull run:
1. Make exchanges safer for investors
2. Regulation needs to come in
3. Strong catalyst such as starting ETFs or government(s) moving money into crypto
4. Clean up fraud and manipulation in the market
5. Mass adoption and use from retail consumers and corporations
6. Panic + capitulation to bring price down significantly
7. More direct fiat on-ramps built for the novice retail consumer to get in on crypto
8. Get weak hands out of the market and put BTC 2.46% 1.93% and alts in the hands of strong investors who believe in this space
If we check off all the 8 points above fairly successfully, I believe we are ready for the next bull run.
When will this happen? Just a guess: If the past is any indication anywhere from 3 months to another 9 months.
What will be the bottom? Just a guess: Somewhere between the $3500-4500. I came up w/ this range because BTC 2.46% 1.93% has a history of retracing 80-90% from its previous bull cycle beginning price. Also, there is significant support around this range as well as the 100 MA (weekly).
Please see my post here to see where BTC 2.46% may be headed:
My opinion is the bottom for Bitcoin 2.46% 1.93% will not be a straight drop and then reverse (V bounce). I think this market will bleed to the point where people just lose all hope and this takes a long time to accomplish. Whether this is 3 more months or another full year. It will happen eventually.
I am bullish in BTC 2.46% 1.93% in the long-run but for now I am still bearish and have been since Feb/March.
Fun prediction: I think we over the next few months we go to low $5000 and break under that 786 fib mentioned in my analysis above. We spend the next few months under this level and finally start the next bull run around March 4, 2019. How did I come up with that date?
Read Jake Chervinsky's Twitter on his BTC 2.46% ETF decision delay calculation. This is for the VanEck/SolidX ETF
Here is my formula for the next bull run:
1. Make exchanges safer for investors
2. Regulation needs to come in
3. Strong catalyst such as starting ETFs or government(s) moving money into crypto
4. Clean up fraud and manipulation in the market
5. Mass adoption and use from retail consumers and corporations
6. Panic + capitulation to bring price down significantly
7. More direct fiat on-ramps built for the novice retail consumer to get in on crypto
8. Get weak hands out of the market and put BTC 2.46% 1.93% and alts in the hands of strong investors who believe in this space
If we check off all the 8 points above fairly successfully, I believe we are ready for the next bull run.
When will this happen? Just a guess: If the past is any indication anywhere from 3 months to another 9 months.
What will be the bottom? Just a guess: Somewhere between the $3500-4500. I came up w/ this range because BTC 2.46% 1.93% has a history of retracing 80-90% from its previous bull cycle beginning price. Also, there is significant support around this range as well as the 100 MA (weekly).
Please see my post here to see where BTC 2.46% may be headed:
My opinion is the bottom for Bitcoin 2.46% 1.93% will not be a straight drop and then reverse (V bounce). I think this market will bleed to the point where people just lose all hope and this takes a long time to accomplish. Whether this is 3 more months or another full year. It will happen eventually.
I am bullish in BTC 2.46% 1.93% in the long-run but for now I am still bearish and have been since Feb/March.
Fun prediction: I think we over the next few months we go to low $5000 and break under that 786 fib mentioned in my analysis above. We spend the next few months under this level and finally start the next bull run around March 4, 2019. How did I come up with that date?
Read Jake Chervinsky's Twitter on his BTC 2.46% ETF decision delay calculation. This is for the VanEck/SolidX ETF
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