BTC – Why did you invest in crypto? What is your reason?Hi Traders!
We are sure you are mad, disappointed and discouraged.
This is natural. We feel the same. But we also know that this is today, tomorrow might be the same but the day after tomorrow will be gorgeous. This is difficult but patience pays off. For sure.
We are on the verge of a breakthrough. We are just minutes before institutional money will flood in.
We all know that cryptocurrencies will have a massive influence on the economic, political and social world.
This will be one of the greatest inventions of this century. We all FEEL IT.
All we need right now are some positive information for example from SEC approving ETFs on BTC.
This is more likely than we thought. At the beginning, of September 2019 Elad Roisman was sworn for new SEC commissioner. He has been associated with having a pro-crypto stance. Despite the previous rejection of ETF programs at the beginning of this month, they were all returned for further re-evaluation. Hopefully at least a couple of them will pass and will be granted the SEC certificate.
So let’s get down to the chart.
When observing Weis Waves we can see there is no volume whatsoever. There is no demand nor the supply. Everyone is waiting.
The price is below TenkanSen so it is not the time to buy yet.
Good news is that we nicely bounced from the support level which is currently at $6200.
This support line seems to be pretty solid as it was defended 5 times since 20th of June.
Also, MACD looks promising. Since the turn of the year, we can observe permanent positive divergence.
If we want to have solid trade reversal we have to break up the level of $7300 which is the price level of the last peak. To make the story short current peak has to be higher than the previous one.
Let’s wait. This can happen within a couple of days.
Look at the second chart with Fibonacci Spiral. This looks interesting. We found 3 extreme/cross points. This was in 9 months time span – the lowest point, the highest and current. This looks like we should have solid break up shortly. This is purely technical based on Fibonacci laws which personally we are believers of.
So Guys? What are your believes regarding the nearest future of the BTC?
By the way, why did you decide to get into crypto? We are curious about your WHY.
Thanks for being here helping us to contribute in the crypto community.
This is really important to us.
HUGE Hugs!
WBM Team
