It seems such an amazing coincidence that the big announcement for the ETF being approved just happens to be when BTC has all but reached it's Golden Zone retracement... so I'm a little apprehensive to believe in this "coincidence".
Nevertheless, I think I've finally made sense of the waves since BTC bottomed, and the 0.618 retracement from all time highs has barely even taken a mention within all the hype for the ETF... which is what I think we are supposed to be focusing on, instead of what the chart is telling us.
There could be one last push to reach the black line as I have it on my chart, the next one up is the 0.65 (yellow)... as I count only 4 waves in a last ending diagonal, so still potentially some time to place a short.
Retrace to £29k potentially approx which is where the 0.618 from bottom to local top is. A drop of 42% roughly.
Nevertheless, I think I've finally made sense of the waves since BTC bottomed, and the 0.618 retracement from all time highs has barely even taken a mention within all the hype for the ETF... which is what I think we are supposed to be focusing on, instead of what the chart is telling us.
There could be one last push to reach the black line as I have it on my chart, the next one up is the 0.65 (yellow)... as I count only 4 waves in a last ending diagonal, so still potentially some time to place a short.
Retrace to £29k potentially approx which is where the 0.618 from bottom to local top is. A drop of 42% roughly.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.