Bitcoin potential pump and dump before ETF
Updated
its 3 weeks til sec decides about the COINETF (March 11)
bitcoin chart looks like we are going to a new high once $1080 is broken.
It seems like the etf gets priced in, I think this could lead to a pump and dump because i expect the ETF not to get approved for a simple reason:
What should happen with the etf if bitcoin forks/split into two chains (bigger blocks / 1mb block / segwit)?
Sec could look like an idiot if they have no plan for this case.
Good target here is the channel top crossing with the 1.272 fib for $1240 then dump to $900-$1000
notice that this is linear chart this time, in china the channel fits only on logscale.
bitcoin chart looks like we are going to a new high once $1080 is broken.
It seems like the etf gets priced in, I think this could lead to a pump and dump because i expect the ETF not to get approved for a simple reason:
What should happen with the etf if bitcoin forks/split into two chains (bigger blocks / 1mb block / segwit)?
Sec could look like an idiot if they have no plan for this case.
Good target here is the channel top crossing with the 1.272 fib for $1240 then dump to $900-$1000
notice that this is linear chart this time, in china the channel fits only on logscale.
Note
really like that one :) youtube.com/watch?v=DuoE5CXlIdY&feature=youtu.be&t=41m47s
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New monthly in few days, not much to do here right now, just holding on the long term coins. Out of all margin money.ETF should trigger some price actions but i think on the long term bitcoin does not need an etf:
Remember that banks want to build on top of a virtual currency, they kinda want to build a blockchain based settlement system. Also stock exchanges testing blockchains to improve the settlement. So why take something which already is digital and move it in a legacy overregulated system which will be replaced by the same technology in the future? So I think bitcoin etf would just be a temporary way for lazy hedge funds to get in bitcoin earlier.
Note
great post from vinny about the etf and current situation, I see it very similar: ETF isnt the best thing right now at this time: vinnylingham.com/preventing-another-bitcoin-bubble-98dee44e2c7cNote
whats wrong with the links these days ;/ vinnylingham.com/preventing-another-bitcoin-bubble-98dee44e2c7cNote
last try ^^ vinnylingham.com/preventing-another-bitcoin-bubble-98dee44e2c7cNote
and there is the dump
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