Bitcoin breakout is REAL
Let's spot key levels in Bitcoin BTC/USD in the 2hr chart
Key levels applying Fibonacci Retracements in the 2hr chart
Easy targets for the bulls. This looks like a real rally is going on!
Let's zoom in in Bitcoin to see the supply and demand zones of this triangle pattern
Supply and Demand zones
As always, 10k is a super relevant level and seems almost inevitable to pull back to those levels in the foreseable future.
Most likely retracement is 61.8% of the prior move, so.... still room for the rally.
Nice charts and colorful as well...
I think the potential August 16th announcement whether a Bitcoin ETF will be approved is what's driving the move. Chicago Board Options Exchange submitted their application for the third time. The first two were rejected. This time however, they have lined up to insure investors against, hacking, fraud, etc. This will not only bring in retail investors, but institutional investor money as well.
You're right, ETF is a key factor. Will drag fresh money and movement to crypto which is great. I think it's the most important catalyst of the upcoming 2018.
Thanks for your support!