The moment of truth for The King Bitcoin and ALTcoins
Updated
Bitcoin is very close to a major trend line, this line has acted as strong resistance and support for the last few years.
A break lower of this line would mean for me a longer downtrend to approximately 3500 and a next ATH by the end of 2019 / Q1 2020.
Are we ready though for such a long term 'quiet' market when there are so many exciting news in the world of cryptos and multiple fiats currency in real trouble? Things are moving very quickly in this industry and regulations are catching up real fast which is good for this space. I think the 2014 price movement won't happen again for this cycle as long as we keep above this major trendline.
At the moment Bitcoin is going sideways and needs some major news to either push the price lower or higher. Coincidence multiple ETF decisions around this time? I don't think so...
Many people expect the coming ETFs to be denied or delayed after the Winklevoss twins bitcoin ETF was rejected and the VanEck-SolidX delayed but I think we might have a surprise! The Proshares ETF is underpinned by bitcoin futures contracts which have been approved by the SEC so this one has a great potential to be approved. This would definitely lunch a new bull cycle and would keep the party going on (oh and keep alts alive!).
A break lower of this line would mean for me a longer downtrend to approximately 3500 and a next ATH by the end of 2019 / Q1 2020.
Are we ready though for such a long term 'quiet' market when there are so many exciting news in the world of cryptos and multiple fiats currency in real trouble? Things are moving very quickly in this industry and regulations are catching up real fast which is good for this space. I think the 2014 price movement won't happen again for this cycle as long as we keep above this major trendline.
At the moment Bitcoin is going sideways and needs some major news to either push the price lower or higher. Coincidence multiple ETF decisions around this time? I don't think so...
Many people expect the coming ETFs to be denied or delayed after the Winklevoss twins bitcoin ETF was rejected and the VanEck-SolidX delayed but I think we might have a surprise! The Proshares ETF is underpinned by bitcoin futures contracts which have been approved by the SEC so this one has a great potential to be approved. This would definitely lunch a new bull cycle and would keep the party going on (oh and keep alts alive!).
Note
Bitcoin touching a major support line We might go below this line for a bit to then return above
Note
Here is the pink line on the longer term On lower time frames it is clear how BTC reacts to these two major lines :)
Note
Interesting how we tested this two major trend lines 
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