Set your stop losses now. If we break out of triangle, great! If this rally does not hold up, I believe we might break lower resistance around 6200. Especially when the SEC delays the ETF again (which is what I am expecting). Good luck be safe.
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A break into 7k range would put us into sideways action from 6-10k till at least EOY depending on ETF. If it doesn't break into the 7k range, I expect downtrend into support at 6k. I am hoping a break into the resistance at 7k but I've got my stop losses set just in case.
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Now the question is will the support at 6k hold up?
What are you talking about - it was delayed yesterday until the 29th of December!
Totally overlooked the fact that numerous shorts are underwater - the squeeze is going to get very bloody.
ImpactDLT
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@SuperShibe, Thanks for that info, I overlooked that.
I still think we are going down before going sideways.
It's all a question of is next six months in the 4k to 6k range or 6k to 8k range.
@tradeking888, Here's some info:
bitcoinist.com/bitcoin-etf-delayed-comments/ "Prospective commenters have 21 days respond after the SEC’s order is registered, and those offering a rebuttal have 35."
35 Days at minimum puts it around end of October?
Either way they can still delay until approx Feb/March of 2019.
My opinion is that they will gather comments and delay again till 2019. The clout surrounding the largest crypto/bitcoin exchanges by volume is still extremely obscure. A majority of volume is transacted in regulatory grey areas.
But time will tell.
Totally overlooked the fact that numerous shorts are underwater - the squeeze is going to get very bloody.