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.
Transaction en cours
Cancelled my short orders. Swapping for a long starting at $6660 - $6450
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.