In my previous idea, I was expecting the VanEck's ETF decision to once again be delayed to August. Indeed, the U.S. Securities and Exchange Commission (SEC) postponed the decision. The next deadline is 19 August 2019. If it is delayed again, the final decision deadline will be on 18 October 2019, where a final decision must be made to reject or approve the ETF .
Moving on, the main focus for this idea is on the gap in the Bitcoin CME futures, which will likely determine the near term price action. Majority of the past gaps in the Bitcoin CME futures have been filled. The recent gap that happened on 10th May was filled on 16th May, with price in the CME futures falling from 8.4k to 6.3k, before we see a sharp bounce back up to the 8k level again.
Hence, I am expecting the gap above 7.2k to be filled soon. Although, prices fell to different levels on both the CME futures and Coinbase charts in the previous gap fill. It is reasonable to see 7.2k as the support for both charts. On the coinbase chart, the 7.2k support has a confluence with the 61.8% fibonacci retracement and 61.8% fibonacci extension. My stance for the next few months would be further downward correction. As i have stated in the Bitcoin big picture idea , the 8.5k is a strong resistance and i do not expect a break above in the near term, unless we see bullish news such as the bitcoin etf approval.
That's all folks. Leave a like if you agree with my idea and follow me for future updates. I love to hear from you as well, so do leave a comment if you have any. Thank you and have a lovely weekend :)
Moving on, the main focus for this idea is on the gap in the Bitcoin CME futures, which will likely determine the near term price action. Majority of the past gaps in the Bitcoin CME futures have been filled. The recent gap that happened on 10th May was filled on 16th May, with price in the CME futures falling from 8.4k to 6.3k, before we see a sharp bounce back up to the 8k level again.
Hence, I am expecting the gap above 7.2k to be filled soon. Although, prices fell to different levels on both the CME futures and Coinbase charts in the previous gap fill. It is reasonable to see 7.2k as the support for both charts. On the coinbase chart, the 7.2k support has a confluence with the 61.8% fibonacci retracement and 61.8% fibonacci extension. My stance for the next few months would be further downward correction. As i have stated in the Bitcoin big picture idea , the 8.5k is a strong resistance and i do not expect a break above in the near term, unless we see bullish news such as the bitcoin etf approval.
That's all folks. Leave a like if you agree with my idea and follow me for future updates. I love to hear from you as well, so do leave a comment if you have any. Thank you and have a lovely weekend :)
