Bitcoin fever!Trend remains up!
Updated
Last weeks we had a lot catalysts on Bitcoin,some of them were the desicions for regulations on it from Bank of China through the chinese exchanges.All of the three major Chinese exchanges – OKCoin, Huobi and BTCC – announced at the beggining of this week that they will start Bitcoin withdrawls but it was just yesterday that announced that they will postpone the resuming of bitcoin withdrawals.
Plus we are waiting for the approval of ETF based on Bitcoin.The forthcoming SEC announcement about whether or not a Bitcoin ETF would be allowed could have also played a role in recent price movements. Some have suggested that the declines resulted from insider trading and speculators betting that the Bitcoin ETF would not be approved.The hedge fund Global Advisors Bitcoin Investment Fund (GABI), in a letter to subscribers, noted this week that it believes there is only a 25% chance the ETF will be approved.
Despite those facts as we see we had only a minor 23,6 fib retracement and bounce of significant suppot around 1140$ area.
As we see a 4 wave elliott structure has formed and we are waiting the 5th wave before a bigger correction occurs.
Bitcoin trading and exchanging base is growing rapidly,demand follows...
Bitcoin fever is spreading in a tremendus pace globally and it's difficult to stop it as facts show us even if you are PBoC....
Plus we are waiting for the approval of ETF based on Bitcoin.The forthcoming SEC announcement about whether or not a Bitcoin ETF would be allowed could have also played a role in recent price movements. Some have suggested that the declines resulted from insider trading and speculators betting that the Bitcoin ETF would not be approved.The hedge fund Global Advisors Bitcoin Investment Fund (GABI), in a letter to subscribers, noted this week that it believes there is only a 25% chance the ETF will be approved.
Despite those facts as we see we had only a minor 23,6 fib retracement and bounce of significant suppot around 1140$ area.
As we see a 4 wave elliott structure has formed and we are waiting the 5th wave before a bigger correction occurs.
Bitcoin trading and exchanging base is growing rapidly,demand follows...
Bitcoin fever is spreading in a tremendus pace globally and it's difficult to stop it as facts show us even if you are PBoC....
Note
Bitcoin is still holding 1140 i am showing...It's not magic it's not luck it's studyig guys...
Happy trading....
Note
'Not Even the ‘Great Firewall’ Can Stop OTC Bitcoin Trading in China' article on bitcoin.com
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