Sideways action here...I'm waiting for fundamentals to evolve, the chart shows mixed signals that could develop into both a downtrend or an uptrend with equal chance...a bit leaning towards uptrend due to the long term chart, and also the poor follow through to the downside recently. Other than that, I don't yet have a good enough low risk setup here, so, I chose to wait in cash for now. Keep an eye out for the dates on chart.
I can think of a few possibilities, a bullish scenario would be if suddenly the SEC approves the Winkledudes ETF, which could result in everyone forgetting about the China regulatory crackdown risks, and cause a massive short squeeze rally. A bearish scenario would be if we don't get any new positives, and China confirms eventually that they are banning everything, and we see an increase in oversight everywhere, with maybe the CTFC and the SEC making US investors' life hard. The timing for this to unfold will be slow and painful, probably, since China won't make any official remarks, or at least it is unlikely to do so, before 1 month after the end of the Communist party congress, which takes place during October.
Let's wait and see...
Cheers,
Ivan Labrie.
I can think of a few possibilities, a bullish scenario would be if suddenly the SEC approves the Winkledudes ETF, which could result in everyone forgetting about the China regulatory crackdown risks, and cause a massive short squeeze rally. A bearish scenario would be if we don't get any new positives, and China confirms eventually that they are banning everything, and we see an increase in oversight everywhere, with maybe the CTFC and the SEC making US investors' life hard. The timing for this to unfold will be slow and painful, probably, since China won't make any official remarks, or at least it is unlikely to do so, before 1 month after the end of the Communist party congress, which takes place during October.
Let's wait and see...
Cheers,
Ivan Labrie.
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I bought back a small position at 3680, also bought other coins for my portfolio.
The Kakao stock news, and potentially the fulfilment of Charlie Lee's prediction -based on inside info- that China won't ban BTC mining and transactions, might be the reason prices have been supported. The selloff failed to confirm the bearish momentum with follow through, so, we might see a short squeeze rally after all.
Let's see how it evolves, to see if it further confirms this thesis.
The Kakao stock news, and potentially the fulfilment of Charlie Lee's prediction -based on inside info- that China won't ban BTC mining and transactions, might be the reason prices have been supported. The selloff failed to confirm the bearish momentum with follow through, so, we might see a short squeeze rally after all.
Let's see how it evolves, to see if it further confirms this thesis.
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We hit our daily target, we could consolidate, and then march higher, a few possible scenarios left.
We hit our daily target, we could consolidate, and then march higher, a few possible scenarios left.
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