Bears' Dream Descending Triangle & ETH declaration as a security
On May 7th, SEC and CTFC will have a meeting to discuss if ETH is a security.
Historically, crypto markets reacts negatively to regulations so IF ETH is indeed deemed a security it must be regulated.
That means a possible BTC dump can ensue, forming what looks like descending triangle as indicated in the chart.
There is a lot of arguments as to why ETH cannot be declared a security, and personally I think it is not, but only time will tell.
Historically, crypto markets reacts negatively to regulations so IF ETH is indeed deemed a security it must be regulated.
That means a possible BTC dump can ensue, forming what looks like descending triangle as indicated in the chart.
There is a lot of arguments as to why ETH cannot be declared a security, and personally I think it is not, but only time will tell.
Trade closed: target reached:
Target area basically reached (2nd blue box), has a good chance of going a little lower but I think it bounces in this area because of the upcoming Consensus Blockchain conference (green curve).
Still not confident it can break the looming descending triangle pattern, but Consensus is historically bullish for BTC since 2015 so there's hope for bulls.
Still not confident it can break the looming descending triangle pattern, but Consensus is historically bullish for BTC since 2015 so there's hope for bulls.
First blue box 8800-9200 may be a good long entry/short exit since there was really no bearish news. But still think it could go down to my initial target around 7500-7800, 2nd blue box.