Bitcoin pumped - what´s next?
Updated
Bitcoin broke out of this triangle and liquidated many shorts.
This especially hit Bitmex Users since the exchange was in a downtime right when it pumped (on purpose of course).
Now is the question if this was just a massive short squeeze or an uptrend signal?
BTC couldn´t break the key resistance at ~6900 and bounced off heavily from there.
We are now in Wave 4 which has heavy support at ~6500-6600.
(Normally Wave 4 can´t retrace further than the peak of Wave 1 (6530) but since we are in a highly leveraged market, wicks are allowed.)
Summary: A break of 6900 would signal uptrend and a break of 6500 the continuation of the downtrend.
Also keep in mind the SEC will either approve or deny the ProShares Bitcoin ETF application on the 23th August (tomorrow)
, which could further influence the price.
Further dates to keep in mind:
A second decision is on the cards for September 15 regarding the GraniteShares Bitcoin ETF.
Finally, September 30 is the date when the SEC will give its next decision on the recently delayed SolidX-VanEck Bitcoin ETF.
The ETF on September 30 will have the most impact out of these 3.
This especially hit Bitmex Users since the exchange was in a downtime right when it pumped (on purpose of course).
Now is the question if this was just a massive short squeeze or an uptrend signal?
BTC couldn´t break the key resistance at ~6900 and bounced off heavily from there.
We are now in Wave 4 which has heavy support at ~6500-6600.
(Normally Wave 4 can´t retrace further than the peak of Wave 1 (6530) but since we are in a highly leveraged market, wicks are allowed.)
Summary: A break of 6900 would signal uptrend and a break of 6500 the continuation of the downtrend.
Also keep in mind the SEC will either approve or deny the ProShares Bitcoin ETF application on the 23th August (tomorrow)
, which could further influence the price.
Further dates to keep in mind:
A second decision is on the cards for September 15 regarding the GraniteShares Bitcoin ETF.
Finally, September 30 is the date when the SEC will give its next decision on the recently delayed SolidX-VanEck Bitcoin ETF.
The ETF on September 30 will have the most impact out of these 3.
Note
Fell straight through.Very bearish sign, maybe even in anticipation of tomorrows ETF.
Anyways resistance at 6900 still stands.
Don´t buy before, new low is very possible now.
Check my other BTC chart for next heavy support.
Note
ProShares ETF denied, so as expected price went down, heavily.News have such a strong force in price action, always keep important dates in mind.
Note
Even though we are in a confirmed downtrend the correction might not be completely done.
I marked support and resistance areas, depending in which direction we will go.
Be prepared for every scenario, anything can change at a minutes notice.
Also be prepared for the ETF dates, especially the one on the 30th September.
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