Bitcoin to test $5000 support for market reversal.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After this weeks pump to the $7600 region i do expect us to make a pull back now, or after reaching $8200 max. After this pump i do see low $5000's incoming as a correction, as $5700 BTC support is already beaten up and cannot see it holding again for long. This idea in my opinion will be invalidated if a positive ETF approval for Bitcoin is made.

I foresee Bitcoin getting drawn to 5k like a magnet. Where i do predict a bounce that can hopefully be the start of the bullmarket, my reasons for the bounce are listed below.

At $5000 there lies 4 major supports.

The horizontal support line at the $5000 region.
The trend line which does back from March 2017 connects at the $5000 region with the next few weeks.
The 0.786 fib retracement level lies just on $5000, in this crypto bear market I have noticed fib 0.786 has been more reliable than 0.618 for bounces, and a lot of big traders will be looking at this fibonacci retracement .
The psychological number that is 5000, expect people to see this number and have buys placed there.

On top of that we have the ETF ruling on the 10th of August(more or less). If the news is positive i do NOT foresee us hitting 5k in the near future, the sentiment will be too bullish . But if the date is delayed, or negative, i believe this setup will play out to test at least a $5000 bottom.

If the ETF is then approved it will be amazing news for the cryptocurrency market and i see much growth coming, if ETF is rejected again, the gains and volume will dry up and we likely we will explore new local lows and $3/5k supports.