Today ill be just thinking out loud, giving you what I think are the possibilities for Bitcoin next big move.
For the past 10 days Bitcoin has been moving in a 400 point range with nice swings every day. On this swing Bitcoin has been making higher lows while retesting 6600 resistance levels, this brings me to believe that there is a big chance that Bitcoin is getting ready to break this level, having 7000 – 7100 as a possible target zone, in my opinion this would encourage to keep rallying towards the CBOE ETF decision day.
As traders have to be as flexible and unbiased as possible, we have to talk about the other possibility… Bitcoin not being able to break out and having a massive rejection very soon, if this were to happen we would be aiming to 5700 as our first target signifying a lower low and confirming that this bear market hasn’t entered a accumulation stage and that fear and uncertainty are still present.
What keeps me bullish is the fact that the massive drop that we had since 8500 started because of some FUD that I truly find irrelevant, while the SEC decision day for the CBOE ETF gets closer I expect some bullish moves towards anticipation regardless of the result after their decision.
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