I believe we may see a temporary rise, but will test the $5,900 support again. If we break above $7,800, I’ll start to reevaluate. If we break above $8,500, I’ll start to believe we could be entering a longer term bull run. A break above $10K would confirm it.
The truth is, it all comes down to what the SEC says next month. We’ll likely see investors entering the market on speculation of approval...just like this last pump. If the SEC rejects ETF’s, or postpones the decision again, look out below.
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I wonder why the market is so knee jerky with the delayed ETF, I mean in my opinion it will likely be delayed again in Sep till the Feb 2019 date. BTC did touch 6600 and looks like it recently just touched 6300 on the dollar (gdax). I have question about fibs, how do you know which fib to look at for possible resistances? we could take a fib from the 10k area, 8500, 7150 per you post, do we just run multiple fibs or once lower high is taken out we take a fib from the very next lower high ?
You're right...ETF's may very well be delayed again. Fibs are generally taken from the latest swing high to swing low, or swing low to swing high of whatever structure you're analyzing . That can vary depending on how you're trading. As a day trader, I often zoom in on small microstructures on a 5 or 15 min chart that wouldn't even be seen on a higher time frame like the daily or weekly chart.