Since June 2022 after the big drop we have been in an accumulation range, personally I think of a continuation of the drop given the head of the Weekly which is not terrible and also the volumes.
In Daily we was yesterady in the middle of the range which is in confluence with the POC of the volume profile which indicates the level of the price with the maximum of the volumes traded, in confluence with the resistance at 21.5K, and the MA 62 as resistance, and finally a small and large bearish divergence via the OBV in a bearish wedge and the price in a bullish channel, not to forget that we have already broken the bullish channel from below with a large engulfing candle which reversed the Daily trend by making a lower low than the last low to end with a confluence in multi time frame, Weekly bearish and Daily too.
https://www.tradingview.com/x/9WyF70cA/
It's a matter of time before the dump since the arrival of Blackrock which waited for years to open the door to Bitcoin to its investors via Coinbase.
- BLACKROCK LAUNCHES ITS FIRST FUND OFFERING DIRECT EXPOSURE TO BITCOIN
https://www.cnbc.com/2022/08/11/blackrock-launches-a-private-trust-to-give-clients-exposure-to-spot-bitcoin.html
140K BTC from Mt Gox will soon be released (I don't know the date) and the balance of BTC on the exchanges will be largely positive with BTC ready to sell.
- Mt Gox creditors will receive a refund of 140,000 BTC as the market prepares for a possible Bitcoin crash.
Soon the arrival of VanEck's Bitcoin spot ETF, like the arrival of CME futures contracts in December 2017 followed by a bear market, and the same for the Bitcoin futures ETF in May 2021 followed by a mini bear market and then the big bear since November 2021.
- The spot Bitcoin ETF awaiting validation by the SEC (Securities and Exchange Commission) which has postponed the decision date to October 11, 2022.
This is the second time that VanEck has made such a proposal, the first having been refused in November 2021.
https://decrypt.co/108311/sec-delays-vaneck-bitcoin-etf-decision-another-45-days
The Bullish at the moment are the technical indicators that have worked in the past before the institutions came along and the high correlation with the S&P 500, the indicators like the Pi Cycle, the Bitcoin Hash Ribbons, the NUPL the capitulation indicator , and fear & greed.
- NOTE: I'm not trying to be biased by one direction or be just bearish without seeing the bullish side, except the pros are much more than cons!!!
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