Where next? Preparing the ground for the big players!

[Jahmal32]

We are approaching an important event, ETF applications will be considered at the end of September.
Next, we have a more positive news background: Mike Novograts said that the market finally passed the "bottom" - https://forklog.com/izvestnyj-bitkoin-investor-obyavil-chto-dno-projdeno/
Then the American holding Morgan Stanley intends to launch a new tool – bitcoin swaps, and so on! - https://forklog.com/bank-morgan-stanley-gotovit-k-zapusku-bitkoin-svopy/

We all also look forward to the bitcoin ETF review process. It will take place on September 30, but recently the SEC postponed consideration of applications from new York companies Vanek and Solid, due to lack of data from interested in the approval of people.


From the point of view of technical analysis, we begin to shrink in a triangle, the probability of breaking in the direction opposite to the expected is equally equal, despite the positive news.

Ah that friends. Just a couple of days all the nerves. Bitcoin broke your stress level 6000! What will happen next?

What I see picture. On the weekly chart, we broke the global trend line in a week. And we can confidently say that we will gain a foothold there. The next support we have for 3000 thousand. Below I think not goes, although all can be. In the range of 3000-4000 thousand we can stay for a long time. so to say the big players will gain positions. That's how long it will last, is unknown. Your idea.....

                                                                                                                         BTC

                                                                                                           Updated schedule
image sharing

[TomArayaSlaya]

Well it depends man but am probably guessing we will be moving up really soon from the way things are actually moving. Lets just hope we dont get another melt-down

[BitHodler]

I don't consider Mike Novogratz calling bottom to be something to add value to, especially with how biased he is with significant crypto holdings at risk. Market makers don't care about these entities.

If the price is destined to go down, it simply will, regardless of who is calling bottoms. I'm ready and somewhat do expect another sub $6000 visit either this or next month. Time will tell whether support will yet again hold.

I'm not trying to sound bearish, but being overly optimistic has only resulted in disappointment this year. I'm trying to maintain a healthy/neutral balance to not get bothered if the price goes down again.

Expect the unexpected!

[figmentofmyass]

I don't consider Mike Novogratz calling bottom to be something to add value to, especially with how biased he is with significant crypto holdings at risk. Market makers don't care about these entities.

totally agreed. novogratz firm has had a horrible year, and from the last released earnings report, a lot of the losses are still unrealized. bagholders are always saying the bottom is in!

I would like to hear the opinion of more experienced traders, what are the possible layouts, what is the probability of breaking the lower boundary of the triangle?

i wish i had something more to offer, but it's a tossup. normally a sideways range following a strong leg down is followed by continuation. however, this is a very drawn out sideways. from EW perspective, it looks like a potential triple zig zag, where we are in a terminal triangle now. that would suggest that the next major wave is upwards.

[bigdude]

we are still in a bear market so don't get too excited, this rally is very fragile, dead cat bounce, bull trap, whatever you want to call it, we're still in a down trend and I don't expect that to change. However we are set up well to test resistance over the next week

[mk4]

Well it depends man but am probably guessing we will be moving up really soon from the way things are actually moving. Lets just hope we dont get another melt-down

We just had a small percentage after our drop at $6250. In my newbie trader point of view, this is nothing but a dead cat bounce. I really don't see any good signs on the "way things are actually moving" currently that you're referring to. We can definitely have another test at the $5800 support. But of course, at the same time I could be very wrong (and I hope I'm wrong).

[bitgoldpanther1978]

You guys been here in the industry for a while now, major digitals won't give up that easily. This down market is temporary, eventually the market will stabilize. Investors will be confident again, trust will be the security. Developments and upgrades are coming. Regulations to stop scams are rolling in the legislatives. The market will be positive again.

[katri]

i think its more on downward trajectory. the market pumps is just a short period of time i think a group of investors are responsible for the pumps but cant haul support from other investors thats why price is moving downward again. i hope some real investors would come and lift the market up.

[okala]

We are approaching an important event, ETF applications will be considered at the end of September.
Next, we have a more positive news background: Mike Novograts said that the market finally passed the "bottom" - https://forklog.com/izvestnyj-bitkoin-investor-obyavil-chto-dno-projdeno/
Then the American holding Morgan Stanley intends to launch a new tool – bitcoin swaps, and so on! - https://forklog.com/bank-morgan-stanley-gotovit-k-zapusku-bitkoin-svopy/
From the point of view of technical analysis, we begin to shrink in a triangle, the probability of breaking in the direction opposite to the expected is equally equal, despite the positive news.





Chart short positions rolls over and rests at the level of $ 39,000, which at some point can be a trap for bears! - https://www.tradingview.com/x/XSfaUEhc/
I would like to hear the opinion of more experienced traders, what are the possible layouts, what is the probability of breaking the lower boundary of the triangle?

"The possibility of breaking the lower boundary of the triangle" is very slim and I think no matter the outcome of the ETF bitcoin may not go below $5000 again this year. I think bitcoin will go up now because if you look at all the technical indicators it seems that bitcoin is going to make another high if it break out of the channel.

[Lazada]

We are approaching an important event, ETF applications will be considered at the end of September.
Next, we have a more positive news background: Mike Novograts said that the market finally passed the "bottom" - https://forklog.com/izvestnyj-bitkoin-investor-obyavil-chto-dno-projdeno/
Then the American holding Morgan Stanley intends to launch a new tool – bitcoin swaps, and so on! - https://forklog.com/bank-morgan-stanley-gotovit-k-zapusku-bitkoin-svopy/
From the point of view of technical analysis, we begin to shrink in a triangle, the probability of breaking in the direction opposite to the expected is equally equal, despite the positive news.





Chart short positions rolls over and rests at the level of $ 39,000, which at some point can be a trap for bears! - https://www.tradingview.com/x/XSfaUEhc/
I would like to hear the opinion of more experienced traders, what are the possible layouts, what is the probability of breaking the lower boundary of the triangle?

We cannot predict all existing movements, the increase or decrease in coin prices is very volatile and unpredictable. So all we have to do is keep trying to make the best decision. Sometimes a movement is very unexpected and always surprises us all. We can only rely on some influential news, usually news that is closely related to cryptocurrencies will have a tremendous impact on the direction of changing the price of a coin.

[Jahmal32]

I wonder what a big player thinks about all this.

[Pursuer]

I don't think any of the things you mentioned here are an actual good news. they are positive but not important enough to be considered a factor leading to a rise.

as for ETF, before this I used to think it can lead to a decent rise then after it is rejected a drop back down to $6k-$6.5k can take place before the real rises begin. but at this point I think people have given up hope about ETF's approval or even its positivity for bitcoin. more people are starting to think more realistically about ETF nowadays.
with that said we may see a very small rise followed by an even smaller drop after ETF rejection but nothing significant enough to warrant any action.

[ThorWin]

In my opinion, starting from October 2018, the market will recover gradually. I believe that ETH will surpass the $ 1000 threshold by the end of this year, so I still keep ETH although ETH is currently dropping quite low.

[georgetamstyle]

Down

[Dimon8]

I think that against the background of upcoming news from ETF, at the end of September, you can expect a small jump from bitcoin to $ 10,000.

[renes]

I agree with this, don't care who said that. But the market will not rise or a bull run will not definetely start. In the long term, we see a straight line in the chart.

[Malandro]

We call it Dullness Market

There is No good trades and no good positioning on Dullness Markets, only scalping a few points.

But the analysis is:

1- The market reached its Selling Clímax
2- The phases A and B off an acumulation Had been conclued
3- NO sign of strength yet

At the moment we see no buyers and no sellers, each time the new high became smaller then the last one, but there is no new lows.

Supply and demand are in Balance

The answer for your question is in some other questions:

1- Does the market has anymore bullets on the sell weapon?
I read about some short sellers had been stopped in a high loss, so I believe the sellers are afraid for now.
Those who bought intend to hold it longer? (Do they have strong hands?)
The intention of the buyers is to sell after some event? Or they really want to have bitcoin for good reasons?

If we have attracted too much speculators only because the ETF history, then I see weak hands.

Falling down 6000 we may have a spring

Going above 7000 look for streng signs to confirm high trend

Sorry my bad English

[peter0425]

LMAO. Mike M. has always been a perma bull. So I'm not surprised by this predictions, but I'm skeptics that we can reach the price that his predicting. Again, TA is really a good tool to help us make our decisions, but you also have to take in considerations the market sentiments and the news going around. I admire people who have great TA, however, most of the time its either a miss or hit. I myself has several predictions right on the dot, but after several days the trend goes on the other direction. I wouldn't bet on ETF though, the chances of being rejected is high, might be another catalyst for a massive sell-off, just saying. So I'm no longer excited about the news that's why I make some adjustments on my trading style.

[boy130]

I think the natural course of action for Bitcoin to take is along the lines it already created 3-4 months ago most likely playing between both up and down lines.

[Uyiosarugue1]

I think we are going up this time after several failed rally, Canada has already approved its first bitcoin pension mutual funds, that may influence or have a positive impact on sec decisions. We are going up this time