Feb 6 SEC/CFTC meeting decides direction - Rebound @ 5750 - 6350
More so than any technical analyst can, the February 6th SEC, CFTC meeting will likely determine the short and medium term cryptocurrency price direction from here.
As I mentioned before, please take these many technical analysis being thrown about with "a grain of salt".
No one at this point can accurately predict where such a volatile market as Bitcoin and other cryptocurrencies will be led to next.
The greatest contributing factor of the coming prices will be due to global events, mainly in the form of government regulations.
Other than that, collaboration between entities with very deep pockets who can manipulate these markets.
These entities can have many motives for doing this, which doesn't always have to be short term profits, as cryptocurrencies do threaten the financial power and control of many large entries out there (Banks, Governments, Billionaire traders).
To them, it can be a sensible long term move to attempt to crash cryptocurrency markets, which to them can be a threat to their ways of business.
That being said, it is still good to do what you can as a trader, in trying to interpret where the prices may lead to next.
Your investment choices are only in our own hands. We should not emotionally worry ourselves over the other factors which are out of our hands.
My current technical analysis leads me to believe that we can expect short-term prices of 5750-6350 USD per BTC, within the next hours/days, with a upward price reversal when this point it met.
As I mentioned before, please take these many technical analysis being thrown about with "a grain of salt".
No one at this point can accurately predict where such a volatile market as Bitcoin and other cryptocurrencies will be led to next.
The greatest contributing factor of the coming prices will be due to global events, mainly in the form of government regulations.
Other than that, collaboration between entities with very deep pockets who can manipulate these markets.
These entities can have many motives for doing this, which doesn't always have to be short term profits, as cryptocurrencies do threaten the financial power and control of many large entries out there (Banks, Governments, Billionaire traders).
To them, it can be a sensible long term move to attempt to crash cryptocurrency markets, which to them can be a threat to their ways of business.
That being said, it is still good to do what you can as a trader, in trying to interpret where the prices may lead to next.
Your investment choices are only in our own hands. We should not emotionally worry ourselves over the other factors which are out of our hands.
My current technical analysis leads me to believe that we can expect short-term prices of 5750-6350 USD per BTC, within the next hours/days, with a upward price reversal when this point it met.
Note
sec.gov/news/upcoming-events/virtual-currencies-oversight-role-sec Virtual Currencies: The Oversight Role Of The SEC And The CFTC
Feb. 6, 2018 | 10:00 am EST
Chairman Jay Clayton will testify before the U.S. Senate Committee on Banking, Housing and Urban Affairs. The hearing is titled, "Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission."
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It looks more likely than not, that the upcoming SEC, CFTC meeting will bring more good news than bad, to cryptocurrencies.
U.S. Securities and Exchange LEAKED testimony breakdown. What it all means and how this will affect the market.
reddit.com/r/BitcoinMarkets/comments/7viqvw/us_securities_and_exchange_leaked_testimony/
Tomorrows SEC and CFTC Senate Banking Committee Hearing Statements Released.
reddit.com/r/CryptoCurrency/comments/7vhoei/tomorrows_sec_and_cftc_senate_banking_committee/
The interpretation of the released documents so far, suggest that this news is very Bullish (Positive) for crypto markets.
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My target was met, price rebounded so far within my 5750 - 6350 USD range.Point 5 of wave hit my resistance level.
Looking to see if we can break resistance after a couple bounces.
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SEC, CFTC meeting looked to be quite positive for crypto markets.
As previously interpreted from released documents, it was expected to be.
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Updated my charting based on recent results/trajectory of the past few hours.Note
Next BTC target: 7675 - 7840 USDNote
Positive Signs:coinigy.com/s/i/5a7a23ba86145/
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Today appears to be the Highest BTC Volume day since November 2015 (at least on Bitfinex).Note
Last calls have been accurate. Price bounced @ around 7840 USD.We could hit ~7265 USD soon.
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In my last snapshot 2 hours ago, I called 2 possible points that the price would down-trend to. 7468 or/to 7343.
BTC price touched and bounced right at/between my 7468 level, completing another successful trade for me.
Looking to see if we may be entering another upward wave now.
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It's possible we see some downward movement, out of my green line channel.Not looking very strong at the moment.
I'm hoping we continue upwards in the direction of my Blue spaced line.
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It took the downward scenario I was hoping it wouldn't.Seeking a rebound at 7320...
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I've been calling the BTC market direction correctly for the most part today.Made a lot of profit trading the price swings.
Thankfully, we exited that downward dotted line.
I believe we may see some upward movement, reaching and crossing 8000 USD within some hours.
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Note that we exited upwards out of my Red Curved Dotted line because of the sudden Buy Volume increase (tall green lines to the bottom of the chart), without that volume push, we would have continued along the red dotted path.Note
I drew this green channel upwards last night just before wrapping up, and the price followed that trend up and out.Seeking renewed upward movement up to around/near $9000 during today.
However volume isn't very strong, so more downward action is possible also.
I'm not selling right now, looking for more upward movement first.
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And we DID meet my last prediction:"I believe we may see some upward movement, reaching and crossing 8000 USD within some hours."
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Price bounced exactly where I called it.Let's see if it holds.
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