Weekly Wrap up for Bitcoin
Weekly Wrap Up on Bitcoin
*NOT FINANCIAL ADVICE*
News
- SEC will review their decision on the Bitcoin Futures ETF's that were denied the other day. (coindesk.com/sec-faces-thursday-deadline-for-proshares-bitcoin-etf-decision/)
- China is banning blockchain related activity in Beijing Province.
- Why Bakkt can be a gamechanger (ccn.com/how-the-efforts-of-bakkt-could-lead-to-the-approval-of-the-first-bitcoin-etf/)
- CNBC is the perfect Counter Trade Indicator (sludgefeed.com/cnbc-bitcoin-predictions-95-percent-accurate-as-counter-trade-indicator/)
Bull Scenario
- RSI still has room to go on the Daily.
- MACD has flipped bullish.
- Shorts are still near an ATH with a possible squeeze pushing Bitcoin past 7k.
- No more ETF news aside from the CBOE VanEck ETF on Sept 30th.
Bear Scenario
- Seeing rejection at the 25 and 50 EMA so Bitcoin will need some more volume to break $6.8.
- Shorter time frames have overbought conditions.
- A bear flag looks to be forming on the Daily but may be invalidated within the next few hours.
- Still in overall downtrend.
My moves
- Been out of position since BTC reversed and started gaining momentum in the low 6ks.
- Personally, I'm expecting a squeeze with a push upwards and I'll be watching as it approaches the top trendline.
- The overall trend (white dotted lines) is something to watch and it can break either way.
- I AM scaling into a short starting around $6850 to $7.1 with stops set right above it.
*NOT FINANCIAL ADVICE*
News
- SEC will review their decision on the Bitcoin Futures ETF's that were denied the other day. (coindesk.com/sec-faces-thursday-deadline-for-proshares-bitcoin-etf-decision/)
- China is banning blockchain related activity in Beijing Province.
- Why Bakkt can be a gamechanger (ccn.com/how-the-efforts-of-bakkt-could-lead-to-the-approval-of-the-first-bitcoin-etf/)
- CNBC is the perfect Counter Trade Indicator (sludgefeed.com/cnbc-bitcoin-predictions-95-percent-accurate-as-counter-trade-indicator/)
Bull Scenario
- RSI still has room to go on the Daily.
- MACD has flipped bullish.
- Shorts are still near an ATH with a possible squeeze pushing Bitcoin past 7k.
- No more ETF news aside from the CBOE VanEck ETF on Sept 30th.
Bear Scenario
- Seeing rejection at the 25 and 50 EMA so Bitcoin will need some more volume to break $6.8.
- Shorter time frames have overbought conditions.
- A bear flag looks to be forming on the Daily but may be invalidated within the next few hours.
- Still in overall downtrend.
My moves
- Been out of position since BTC reversed and started gaining momentum in the low 6ks.
- Personally, I'm expecting a squeeze with a push upwards and I'll be watching as it approaches the top trendline.
- The overall trend (white dotted lines) is something to watch and it can break either way.
- I AM scaling into a short starting around $6850 to $7.1 with stops set right above it.
Trade ativo
Cancelled my short orders. Swapping for a long starting at $6660 - $6450
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.