3 similar waves down. Each wave down 41%. Each correction up 31-33%. 38,2 fib never achieved on the way back up. Current number to break the trend $7500. If we "close" above $7500 on the daily I think we will break out to $8800. Update Wednesday: We could indeed NOT break through fib 38,2 this time either - and we are once again falling towards a 41% correction ($5000) by first week of September. Then we should correct back 31% to $6500-6800 area which is now resistance as well as fib 68,1. Also it is an important cross of the long term bearish and bullish trendlines. And that is where I suspect we could start going up again. Bitcoin ETF is postponed till 30 september which fits perfectly. We will see a rally from around sept 1-10 as the ETF proposal nears..but if it is postponed AGAIN before sept 30 to Oct 15th we could drop as far as $4000 and possibly below.
Forget About The Allmighty ETF For A Second
What I'm also thinking is that this ETF is not THAT important. Too much is depending on the ETF I think. In Scandinavia we have had BTC and ETH ETF's for years without institutions even touching it(or hardly touching it). Of course, we are talking about MUCH bigger market in the US - MUCH bigger. But yet, I think it's we who have to mature ourselves before we expect Bitcoin to mature. We ARE bitcoin. That's what people tend to forget. WE have to mature and stop acting like scared rabbits when the powers that be try to headfake us out of what could be the greatest redistribution of wealth in history. Don't let them fool you. These sneaky bastards are so clever. They set us up against ourselves and even OUR selves. They create conflict within you. They make you behave a certain way - and what people don't realize is that the behavior OF Bitcoin and other cryptos just reflects YOUR own behavior.
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