Bitcoin: Operators over-reacts?

The SEC has announced postponing its decision on ETFs at the end of September, since the market falls.

 

Bitcoin

Highlight Keys

 

Support at 6800 USD has been passed, Bitcoin is now moving towards 6000 USD.

Our analysis are entirely done on Binance charts

Bitcoin has reintegrated its compression pattern and seems to want to join the support at 6000 USD. The trend is very uncertain, prices fall while the news remains positive. Indeed, I do not think it is necessary to interpret the postponement of the ETF vote by the SEC as bad news. On the contrary, it is the very proof that they need more time to think about the matter. In addition, the Intercontinental Exchange announcement reinforces long-term trust and clearly increases the chances of a positive vote for ETFs. We could, therefore, see a very nice rise in prices in August, and certainly in early September. For now, the important thing will be to monitor the pivots at 6000 and 5800 USD. Bitcoin must not break them in order to bounce. 

How to take position?

The news are positive, especially for the month of September. A return to the upside remains possible as long as buyers stay above the two pivots at 5800 and 6000 USD. Buyers must now switch the bullish pivot to 6800 USD to turn the tide. If this is the case, we will have to reposition ourselves upwards. 

Should we expect a new correction? 

It seems that the correction margin is limited now. Probabilities bend in favor of rebound before 5800 USD. 

 

 

Key Levels : 

  • Essentiels resistances :   6500 – 6800
  • Essentiels supports :  5800 – 6000

 

 

 

 

 

 


Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.

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Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube. channel

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