Bitcoin has been range bound in a descending wedge since February and it could remain further range bound between $73000 and $50000 , a closing below $50000 on the monthly chart will indicate a bearish trend. The fundamentals differ as the sentiment of large banks and institutions have been in buying into a Bitcoin frenzy, the overall market sentiment in August is bullish.
Looking at Fibonacci values the Bitcoins first long term price target since it heavy bottom of $15000 is at $150000. This will only be possible if bitcoin either has a breakout from resistance.
Factors for a Bull run:
- The $73000 Resistance breaks
- The price action is highly momentous within days of breakout.
Conclusion
Bitcoins price action it at the crossroads of seeing first hand the effect of ETF's on bitcoin markets. We have no conclusive date from previous years to analyze how ETFS affects price action, volume and volatility. This however is a rare opportunity to see how ETF's will change Bitcoins markets.
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