We have a short "suckers" rally before restarting the downtrend
BTC is stuck below 7,000. We have a short rally on the back of positive news on the US economy (ISM), Coinbase announcing a new custody product and the SEC announcing a change of rules regarding new ETFs; the SEC announcement is fuelling the rumours and the feeling that a bitcoin ETF will be approved shortly. Maybe that is the case, but adoption by institutional investors such as pension funds, banks and insurance companies will take more time than many hopeful expect.
In the meantime, bitcoin is to revert back to its downtrend, potentially reaching a low of 4,200 within the next 45 days. A break above 7,4500 would signal a complete change of trend (bullish) and pave the way for a re-test of 9,200.
In the meantime, bitcoin is to revert back to its downtrend, potentially reaching a low of 4,200 within the next 45 days. A break above 7,4500 would signal a complete change of trend (bullish) and pave the way for a re-test of 9,200.
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