BTC Update!
Consolidation continues and is perfectly healthy! We had a bit of an accelerator with one of the ETF proposals being denied today. Honestly didn't really look into it as it's all irrelevant to me and my style. Charts will continue to be my primary focus on how to play things.
Weekly - no change, rejected off 50 week MA which was area we were watching. This could be our weekly lower high (lower than $9948) and would be perfectly fine but if the main ETF can garner some hype over the next week or two, I would expect us to get higher and still form a lower high, just higher than where we topped out this week so far.
Daily - perfectly healthy consolidation. 12 EMA and 100 Day MA climbing up and could be a potential spot for support. Also on a .236 Fib line currently. A bit of a spike in bear volume last two days so not ideal for bulls but we were certainly over extended and knew a pullback would be coming.
4 Hour - yesterday the bulls were holding a 12 EMA and I was expecting it to eventually fail. That occurred on the ETF news today and sent us crashing below both 12 and 26EMA. That puts me looking down towards our prior higher low of $7628.
Same as yesterday, anything between $7600-8100 was perfectly normal for consolidation in my opinion. I have my buys layered in as well as plenty in reserves on the sidelines. I also had made my Alt plays on BNB and ONT. ONT eventually did stop me out for small profits and BNB I am continuing to ride a stop loss up and is providing very nice gains for a trade.
Looking ahead to the main ETF. Still looking like August potentially as announcement date. I would not be surprised if it is delayed and eventually denied or just denied outright in August. I continue to lean towards this being denied and would be prepared for a heavy pullback. Until a decision tho, I do believe media can give enough hyper and young investors can FOMO in an create nice trade opportunities like we have seen this past week or two. Nothing will change with my personal strategy at this time as I am not confident that our bottom is in and an ETF denial will likely facilitate us towards new lows. On the other end, an ETF approval and its absolutely an all in play as we will see a significant pump and it MAY be enough of a catalyst to get the market bullish again.
Just My 2 Sats!
