BTCUSD - Countdown to SEC ETF Decision (10K Target)
Updated
Good day, my fellow traders!
What I have for you today is a revised version of my ‘Bitcoin Q3 Trading Guide’ quarterly forecast that was originally posted on July 1.
In my original forecast, I had placed three targets for Bitcoin to achieve from July 1 until September 30, 2018. The targets were 6800, 8000 and 10000. As of today, Bitcoin has remarkably achieved two of those targets against all odds.
The first target of 6800 was reached on July 7, which is six days after my forecast. The second target of 8000 was reached on July 24, just 17 days after achieving the first target. Therefore, the only target that remains is the 10000 mark and Bitcoin has until the end of September to score it.
Please note that everything (key levels, timing etc.) in my quarterly chart is pre-calculated based on a variety of trading methods and indicators used. The reason you don’t see them visible is because I have purposely removed them to keep this chart clean and easier to comprehend.
What To Expect From Now Until September?
In this new revision, I have realigned some of the upcoming breakout points to reflect the latest trend development based on new fundamentals, including SEC’s upcoming ETF decision on September 30.
For the next 2-3 weeks, I expect Bitcoin to continue with its sideways consolidation within the range below 6800. During this period, price may revisit some of the major support levels at 6000 and 5700.
Should price decline to the 5700-level, a double bottom reversal pattern may be formed with a strong reversal that would lead price up to our TTL level at 6800 and onward to our final target at 10000.
If market sentiment continues to grow bearish due to more FUD or lack of positive news, I could foresee Bitcoin going down to the 5300-level to complete the Falling Wedge pattern before forming a sustainable trend reversal. Although I find this probability to be the least likely to happen, we should always be prepared as the market is never short of surprises.
Regardless, we should see price slowly moving up to our TTL level at 6800 and breaks out of the triangle around late August or early September. If this happens, I expect Bitcoin to pick up its upside momentum the closer the ETF decision date looms. If everything goes accordingly, Bitcoin should reach our final target of 10000 in the 3rd or 4th week of September.
On the other hand, should SEC decides to reject all of the ETF proposals prematurely, then be prepared for price to fall down to the 5000 support level.
Keep in mind that this is a long-term forecast that covers up until the end of September 2018. Forecast for the period of October 1 until December 31 will be covered in my Bitcoin Q4 Trading Guide quarterly forecast. Interested parties may send me a direct message for further details on how to pre-order it.
Good luck and happy trading!
Please LIKE this chart. I would really appreciate it.
Buy me coffee or a steak dinner:
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
What I have for you today is a revised version of my ‘Bitcoin Q3 Trading Guide’ quarterly forecast that was originally posted on July 1.
In my original forecast, I had placed three targets for Bitcoin to achieve from July 1 until September 30, 2018. The targets were 6800, 8000 and 10000. As of today, Bitcoin has remarkably achieved two of those targets against all odds.
The first target of 6800 was reached on July 7, which is six days after my forecast. The second target of 8000 was reached on July 24, just 17 days after achieving the first target. Therefore, the only target that remains is the 10000 mark and Bitcoin has until the end of September to score it.
Please note that everything (key levels, timing etc.) in my quarterly chart is pre-calculated based on a variety of trading methods and indicators used. The reason you don’t see them visible is because I have purposely removed them to keep this chart clean and easier to comprehend.
What To Expect From Now Until September?
In this new revision, I have realigned some of the upcoming breakout points to reflect the latest trend development based on new fundamentals, including SEC’s upcoming ETF decision on September 30.
For the next 2-3 weeks, I expect Bitcoin to continue with its sideways consolidation within the range below 6800. During this period, price may revisit some of the major support levels at 6000 and 5700.
Should price decline to the 5700-level, a double bottom reversal pattern may be formed with a strong reversal that would lead price up to our TTL level at 6800 and onward to our final target at 10000.
If market sentiment continues to grow bearish due to more FUD or lack of positive news, I could foresee Bitcoin going down to the 5300-level to complete the Falling Wedge pattern before forming a sustainable trend reversal. Although I find this probability to be the least likely to happen, we should always be prepared as the market is never short of surprises.
Regardless, we should see price slowly moving up to our TTL level at 6800 and breaks out of the triangle around late August or early September. If this happens, I expect Bitcoin to pick up its upside momentum the closer the ETF decision date looms. If everything goes accordingly, Bitcoin should reach our final target of 10000 in the 3rd or 4th week of September.
On the other hand, should SEC decides to reject all of the ETF proposals prematurely, then be prepared for price to fall down to the 5000 support level.
Keep in mind that this is a long-term forecast that covers up until the end of September 2018. Forecast for the period of October 1 until December 31 will be covered in my Bitcoin Q4 Trading Guide quarterly forecast. Interested parties may send me a direct message for further details on how to pre-order it.
Good luck and happy trading!
Please LIKE this chart. I would really appreciate it.
Buy me coffee or a steak dinner:
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
Note
Here is a list of ETF deadlines for your convenience:1) ProShares: August 23
2) GraniteShares ETF: September 15
3) Direxion ETF: September 21
4) SolidX-VanEck ETF (CBOE): September 30
CBOE's ETF has the highest probability of approval.
Note
Here is a quick update. Bitcoin spiked 400 in seconds, sending a clear message to everyone that buyers are ready to keep Bitcoin above 6000 for now. Nothing changes, everything is just as described in the forecast.Note
It is learned that the $400 spike we saw on the BTC/USD pair yesterday is believed to be related to the $50 million USDT buy order on Bitfinex. Regardless, here is a quick update on Bitcoin this evening.A closer look in the hourly chart reveals that price is currently grinding up to test the upper triangle trendline. A positive breakout would propel price to 6710 or slightly higher. At this time, I believe that Bitcoin is only maneuvering within a consolidation range as per my original forecast so I do not expect price to breach or hold above 6800.
On the other hand, a negative breakout could potentially send price down to retest the 6000 support level. If this level fails to hold, then we can expect price to decline further down to the 5800 level. Whichever direction price breaks out, Bitcoin still trends as described in the original forecast.
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