Bitcoin talk!!

Crypto waiting for the Direxion Bitcoin ETF decision (deadline Sept. 21st)

BTC has been bouncing between $6100 and $6600 in the short-term making few interesting patterns. Looking at the overall 1D chart, we are still inside this Symmetrical Triangle. We are right in the center of it at the moment. There is lots of space in both direction for either a spike up or a drop down. I cannot really identify a specific one that tells me the right direction because the situation is up to FA at the moment, but this is what I see:

Possible Double Bottom (Bullish Pattern) on $6100, with neckline on $6600 (Strong Resistance)

Right-Angled Broadening Wedge (Bearish Pattern). This acts like a Flat Bottom which is more Bearish than Bullish but we know how these patterns work. It's about odds and percentages. If support is strong enough it should not break down.

All Crypto World is waiting for this ETF News which could come up at any moment. If case of a positive news from SEC giving Direxion the first Bitcoin ETF approval, Bitcoin could break any resistance on its way starting a massive Bull Run bringing UP every single ALTCOIN with it for the short-term. New Fiat would flood into Crypto like never before and profit like 1000% won't be a dream anymore.

On the other hand, if ETF does not get approved, I am not really sure what it can happen. The last ETF bad news did not quite crash BTC which has been very strong above 6k level for the past months. We have such a strong support at 6k but this does not mean we cannot break it down. ETF bad news might or might now trig a PANIC sell. Maybe traders are already in USD/USDT tho so it all depends how bad can users PANIC.
In case of a drop below $5750. Level around $4900 area can be reached, which would cause BTC to drop another 20% down bringing the overall correction at 75%. Going down further we have the bottom of the bottom. The famous 3K level where June High and Sept Low make a very strong support. If that happens we would be dropping 85% from ATH. We have see this drop in 2014 so in the worst case scenario. Get ready to sell you house for BTC if we reach these crazy levels.

Disclaimer:-

As always these are my personal opinions and suggestions. You can and you SHOULD do whatever you wish with them. I am not here to tell you what to do but just to show my IDEAs and share some knowledge about Technical Analysis. I am not here to tell you when to BUY, when to SELL, how much to BUY, how much to SELL. All I am doing here is trying to find possible TREND REVERSAL LEVELS which you can use as HELP to find your possible best ENTRIES and later on TARGETS.

I won't take any responsability for any of my analysis, I am NOT A PROFESSIONAL and this is NOT FINANCIAL ADVICE but ONLY my personal view of the market.

Please

For further any queries
Ask @luckys