pBitcoin ETF Fake News ! SEC To Make Decision On ETF After Nov 5th? Hey guys, oh hey Maddie here Its a beautiful Monday morning where were gonna be talking about Bitcoin and some positive news in the market relating ETFs if youre excited for all that Hey guys, oh hey Maddie back again gonna be a pretty cool article today.
Im just gonna be going over some ta and Talking about some ETF news that has been kind of plaguing the market and fooling a lot of content creators So fortunately enough we have done a little bit of DD to start off with that, so I want to first hop over to Jake turbine ski who has been kind of a lawyer and government enforcement defense Securities Litigation guy in the space. Ive actually heard his Twitter a few times when theres been some Stuff going on cuz he really knows his shit. So Essentially over the weekend there were some articles that started popping up mostly started getting flavor Thats begin of this week.
That was talking about how November 5th would be a Important date that afterwards or all these articles were claiming that after November 5th the etf news would come out of weather Would there be an approval or denial on around 9 ETFs that have kind of been floating around some brochures and stuff like that? Would not be related to the Vanek ETF though. It would be maybe these other nine. Theyre kind of been getting kicked down the road Until the suc can provide some clarity on these others But the thing is is that this November fit deadline was actually not even related to the approval or denial of any ETFs is actually far from The truth, but the SEC had put out a deadline to got to garner public comments between or up until October 26 But they felt that they want to give the time the public a little bit more time To submit their comments so they could get everything heard and make sure that theyre doing the right process Which is something that youre gonna hear a lot about Coming out of the SEC if the SEC is going to approve any sort of ETF then theyre gonna want to at least make it Apparent that they took their time thinking about the decision because it is a very big decision for them Theyre taking a very high volatile asset class.
Theyre allowing Everyday people well in some of these cases theyre allowing everyday people put into their portfolio in other cases its institutional investors allowing them to have some sort of investment vehicle from from Wall Street, so What Jake talks about here? Is that the November 5th deadline is for the public to submit comments to the SEC? Not for the SEC to conclude its review but the rejected Bitcoin Yes, the SEC needs time to review their statements before writing a final order It takes a while and it wont be done one day. So the point that hes putting out and by the way, hes coming to Rand nooner who is on CNBC Africa who was kind of Fanning the flames if you will of this news story that was coming out Talking about how there would be a decision with the SEC ETF between now and Monday and obviously we are a little bit A little bit through halfway of the trading day on Monday and there have been news and I dont expect it would be news Mainly because of what Jay talks about he talks about further in the comments below Thats December 29th is the current deadline for the SEC staff To decide on the Vanek solid x ETF as weve seen thus far and its at this point The SEC typically takes until the last day with some exceptions recently.
I talked about November 5th Its the public deadline or the statement or for the public statements to be submitted though All of that is important to take into consideration. Theres some also important information and if you havent done so yet Ive started up my telegram announcements channel again And find that in the link below I would highly suggest that you head on over there Im Constantly updating news articles that are coming out that you may not be aware of and also information on my channel and things with that Nature that I dont necessarily actively post on Twitter So if you havent signed up to the new telegram announcement channel Please do so in the link below and I look forward to seeing you guys everything Being said you can check out this link It was posted about six or seven links ago, but can you scroll up? Youll see it a lot of good information here in the Comments below that being said, lets head over to the trading day all right, so Without having any fancy lines or anything or anything like that. We draw our pure price support and resistances Prices King as some traders would say this is just looking back at the recent daily And kind of the channel that weve been in so weve been in a sideways channel Dating back since we originally dropped into this channel around June. Its still been holding pretty steady With the exception of a popup above it in mid late July, but other than that this lower channel has been the main channel of action in terms of people trading sideways Volume has just been steadily decreasing Which is actually very interesting to me.
A lot of people have been pointing out things along the along the lines of saying that Typically when volumes low or actually an article that we just posted around the telegram announcer his channel Detailing how when mining difficulty starts to decrease. Typically that is a signal of the bottom of a market Very interesting article to read. Oh definitely recommend you go over there. We try not to make too many Calls on this channel.
We kind of just want to paint the overall picture that were seeing from our perspective so Id like to be able to bring all different perspectives to the table and Make sure that the people who are watching this channel are the most informed without taking too much bias off the top being said Were kind of in the sideways Channel and were seeing that were slowly decreasing. So Ill start from the weekly first As I mentioned before in my previous article, which I think some people Misunderstood I was not calling For 3k in that article though I have said in the past that it looked like we were going to 3k and I truly believe That that is a possibility because I want to take in all possibilities at once I dont want to say that were definitively going one direction Because no one can ever say that Hiei is a gain of proud is a game of probabilities. Its not a game of finite Predictions so whenever you hear someone say we are going to 3k thats foolish what he means or what he should be saying is that the probability of going to 3k is X or is Um, so we talked about this before we were talking about our main channel that weve looked at someone posted a really cool Really cool graph to me as well from the past which was more of a circular Circular channels And it was talking about a scenario ARB which actually was defined in my article without even seeing That chart that was from like March or whatever.
Maybe Ill post a link below as well. But I mean, Im still maintaining the theory That we are contracting the Bollinger Bands for an upcoming move, which makes sense and well talk about that in a shorter timeframe Theres going to be a move soon. My guess is that that move will be happening prior to December So itll be happening this month could happen prior to the end of the year I dont think that move is gonna happen in January.
I think itll happen either in November or December and from what Im seeing most likely going to be This month so we will get to that in a second. So a couple things just to kind of support that Alright, so we look at ribbons Correctly, all right, and I dont want my volume hitter We look at ribbons ribbons are still turning over the wording for a full transfer for potential downward momentum which signaled that downward momentum we see that the price is Still going sideways, which we detailed in our 12 and onehour chart which all show us again when we hop back over the coin Angie Lee Bollinger Bands contracting right now due to low volatility low volume low action Meaning that were leading up to a point of volatility soon We see that the triangle is running out of space here and we see that we are now currently in the the most infamous historical Upwards channel that weve seen for Bitcoin dating back to 2011 Majority of our trading has been done in this channel And were actually heading to the bottom of it right now. The bottom of that channel will be somewhere if we drop today Well be somewhere between fifty nine hundred its about Dropped today This this is a weekly chart we dropped this week the lowest we would be able to go down to if we hit the bottom of that channel would be about 5, 000 and If we drop the beginning of December to hit this youre looking at more along the same of that 6000 over that 5800 low it would be interesting to see what would happen then if we were hit if we were to hit the 5800 low and defend it would actually have a double bottom divergence most likely and That double bottom would be a bullish sign which would then? support the case that we could ride this outward channel as weve done historically twice now in 2011 and 20142015 upwards to break above the FIB Sorry the yacumo resistance here sitting at the middle something important to note that I was looking at when going back to previous a komoku times is Came in here in 2015 There was a slight crossover of the ribbons that we see youre actually gonna see this happen pretty often So you see that we have this stiff uptrend and we break through right? You see that were going sideways with our with our clouds And then we see that theres a flip over and then it comes down to allow us for entry point Right that happens in 2015. We can look back at 2011 Unable to see that that happened in 2011 because the 5th doesnt go back that far.
Maybe we could update the And said to her it would look like So the reason why we wont be able to see it because its on we doubled the indicator lent to Get or salad information for shortterm Thats a Bollinger Well turn off our volunteer and so You I guess All right, yes, so were seeing very similar here heres the bottom capitulation It was most likely some flip ever happening here but very hard to tell Think on that one, but we are able to see it in 2015 so Abby said well come back up all the way up here So if history repeats itself would actually see a vertical line coming down here or you would have potential capitulation for a bottom or you could argue that the its already in and that were not were never gonna break this Shou it Thats fine. Its definitely fair in my opinion will never break the bottom of the channel. Well keep going up Theres very limited data in this lower channel. If we did break this limb with lower channel on to correspond with this vertical line You would be looking at something around 3, 600 in the end of December and that would make sense because we look at the De mas here. Yeah, I think I still have the indicator And the triple ma forecast Still Want to do 200 a little bit Yeah, ironically this would be going up brother zone Seems to be the direction that is heading in So youre 200 would be sitting at around At that point that vertical point 3300 though might not surprise me that we actually hit 3300 and then close above the above this channel that Ive drawn is also keep into Perspective theres not much Data down here.
So this channel could be slightly off as well. It might not be directly where it is on this line So it would be close the 200day moving average and that would be the Bears 3k theory, I would say that there is d Theres the Bears 3k theory and then theres the Bulls upward channel momentum.
I think both of those have pretty good support But Im looking for a 3k entry myself But if we come here and we start riding this up and can break through this Ill reenter Probably when the triangle gets invalid though. I have no point reentering here. I have no problem everything down here, but Im preparing for this because the probability that this is a triangle and thats going down. Thats higher But I will not be calling my pants down in case we just boom from here I do not think that I do not think but I think bak trading will Most likely interject some shortterm support to our board momentum Maybe but Im actually not expecting Im not expecting back trading to have a big impact in its early days I think itll be good for the longevity of crypto from as an institutional asset, but as some have pointed out institutional Money is really good at keeping price tags.
And while theyre making micro micro gains Theyre making gains off micro transactions. So Keeping that in mind. I will not be looking for BOTS to be this, you know support or something like that But it definitely could add some fuel to the fire that being said I want happen to coin a G and just kind of go over some stuff that we talked about before So this is the daily Looking at the Eco mode We see a drop in the cloud happening if were able to use the bottom of this cloud as a resistance Then its going to be very hard to continue to trade in this channel, and weve actually already seen this happening already so as you can see this channel has Decided which channel has been a resistance to support dating back as we said to June we can see that were actually Going pretty high up and down high up and down high up and down up and down But weve seen that we havent touched the top of this resistance since September for a Reason for this is because the baseline of the ax komoku, which is its own resistance Has been sitting pretty much at the top of this resistance line and it actually at one point dipped down Why you see that this line was pretty straight forward Theres no room to really come up it touched that baseline and then ended up dropping down to the support Come back up since then its been going sideways and now it continues to go sideways that there a little bit of a dip mainly because you look where my cursor is in terms of the dotted line that Is where the resistance is setting itself up for the echo moku line So its gonna be very difficult to come up in here.
It doesnt mean that its not possible It could definitely come up up in here and try and retest 70 170 170 200 would be very interesting but its just its just a dictation of resistance and levels of Hardship when it comes to upward price momentum also We see a dip in the echo coming down to 6 400. This will be starting in around December so When if price continues to go sideways as we come towards December? The coin will have to make a move at that at that juncture towards the end of November early December where bitcoin will either have to try and come up and test the clouds or This 6400 line is gonna start applying pressure move Bitcoin downwards and when it moves Bitcoin downwards There will not be much room between that resident resistance of the yacumo goo and the bottom trendline here Thats been used as a support So therefore price will have nowhere to go but below it Once price gets below it and the only resistance you really have in the recent past is the 5, 800 line Theres really not much here. Once we get shoved below 6 ok I think we all know what happens in that scenario also if we get shoved below 6 K and we break this bottom triangle at 5, 800 then you have Essentially a measurement of the distance of the base of the triangle from where it was broken Thats how triangles work and thats why the probability is so high of them So yeah, Im not sure whats going to happen here. And we Im hoping that we can just use this support as a rider We could have very tight Sideways action which would actually lead up to a BB squeeze which was positive for Bitcoin and then well be looking for higher marks In my opinion, I want this bear market to be over I want to get back to the bull markets that are making some money for everyone Um, but Im also gonna be realistic and understand that we could definitely be going.
Ok, which I think is a probability the only thing that I am a little weirded out about Is well, I mean the MACD is like pretty much a stagnant sideways, but its the volume If you start to see theres something important to know if you start to see the volume increasing Right as prices King and volume is is not a lagging indicator. Its just just like if you start to see the price Decreasing, right? Lets say lets say we start getting into here price starts coming up Right only we get into this line and we get rejected You start to see price Decreasing you start to see volume increasing that is a bearish indicator Ill repeat that if you see price decreasing and volume increasing it is a bearish indicator But what Ill be looking for is the Bollinger Band squeeze on the weekly Ill be looking to see where this bebe percentage be will be going in terms of an upcoming squeeze Ill turn on the Bollinger Bands here As you can see will come in here You see these Bollinger Bands are getting tighter Indicators that Im looking for that I think have importance Brandt Bollinger Band squeeze The 20 week period moving average which have been historically Accurate in terms of predicting serious resistance, which were just hugging right now and Bounded and squeezed specifically with the percentage be in which direction we go We are in that historic volatile area We have yet to see a downward Bollinger Bands squeeze on the weekly It would be very interesting if that ever happens but up until this point. Its been all positive We see the percentage B is just going sideways in terms of our broader oversold So if this ends up coming up here We have a confirmation then we should see some bullish action if we see the reverse of it situation moment similar to 2014 happened here and here the double bottom propelling us upwards to the next market would have an extended bear mark or an extended bear market with Shooter up to the up here. Lets see what happens there You know what else had something else and and if you see increasing volume with decreasing price action Then all of those will be things that Im specifically looking for in terms of recovery, or ladder of Going back to the 12hour.
I just want to point this out real quick 12 hour is next to touch. This is the reason why we just had a recent pullback in Bitcoin, so Man, go to the fourhour chart Ill go to the our chart first. I want to point All right stuff The hourly chart has been bullish recently weve been on the upper side of a Well, I color blue bit on the upper side of the positive cloud. The cloud will now be used as a support for Bitcoin price the problem is That we bounce price off the leading span and broke below the yacumo goo Baseline here. So when you drop a little space line, its no longer be added as a support There will be a magnetic pull away, but this is a bearish sign So now were kind of waiting to see what happens With the price in terms of this cloud right here, if we break below that well be coming back in the Bears territory Its not surprising that were actually going to break below this as we saw with the daily and 12hour chart The longer time frames are more confirmation that the shorter time frames so it would not be surprising that were gonna be going back into bears territory with a With the whoo much whats happening?
In the near future we will watch out for that interesting to note that that rejection that recently happened We come on the 4:00 hour. We use the baseline as a propellor Unconfirmed signal here because the lagging lagging was behind the price when this happened So this was not actually a bullish confirmation We managed to get the price slightly over the line But there was a fakeout that happened and a rejection back into here and soon enough will most likely be coming back to this baseline In 6335 or a retest? Important to note that on the one hour that 335 line is sitting somewhere at the bottom of this hourly Hourly cloud though.
Theyre both showing us a similar range area that were going to be in terms of about 6350 Most important thing to note is that this retrace actually came over here from the 12hour chart where we broke the base line At the bottom of this very thick Resistance cloud that is on the 12hour currently and just got straight rejected and thats what were seeing now is a pull back towards the leaving span and A decrease in cloud coverage just setting up at about 60 350 again So the war for 60 350 will will be where things are fought out And the daily will eventually take over twelve are doing a great job at depicting a lot of things that are happening Market for at least the last six months in my opinion Things will eventually be fought out in the 6350 line still battling now here on the daily We see that getting defined and we see that room for price is running out So were gonna be dealing with the bottom half of this channel remaining With hopes that we could potentially get back up in here and break above that would be the most bullish sign But we can see here that this resistance ranges all the way up to 7, 200 And if we were able to break 7b About 70 400 we will be breaking our previous eye here which would be a very bullish signal and would be Time for celebration. So well revisit that if that ever happens, but in the meantime, excuse me Were looking at Cataclysmically low volume and a very tight range happening here, which will most likely lead us up. So weakly on The BB squeeze coming towards the end of the year. So I am very excited that were finally at a point now where weve come Everything has been building up to this moment, and we finally get to see whats going to happen Bitcoin price These markets are very slow moving in the sense of it and the last bear market lasted for a year and a half it could It could take several years And we kind of rely on these Bitcoin havings for supply and demand movement to have recovery in price So, you know fortunately enough we had those markers to be able to kind of smooth things out But itll be interesting to see what happens.
I think that this month in next month Well be most likely one of the important most important months that we have in terms of the recent cycle the cycle starting beginning of this year So well have to see what happens here This will be a big momentum shift On how long were gonna be in this bear market where the low comes in if the low is already in etc? And I think its gonna be really important for people who are in the space now To kind of get accustomed to Bitcoin and how it operates in terms of historical Precedents and it also be able to help confirm a lot of the historical assumptions that we make about Bitcoin today and help us out and potentially the next cycle Alright guys again, make sure you head up our new telegram channel announcements channel Itll have a bunch of news there bunch of important stuff over there would highly recommend it Also hit a hit us up on twitter at its me. Oh, hey, Maddie build a disk or channel running as well I wont be opening a public chat or telegram.
Itll strictly be in the panel I think thats the best if you want to have a chat, you can come discord and vice versa. Also, dont forget to subscribe youtube channel and hit that notification bell so you can get Uptodate information on when we put out new content and live ill be looking to try and put out some daily stuff. I Didnt get you guys that that you want, but itll mostly be stuff.
Im interested in as well So its not always gonna be Bitcoin trading thing that nature. Theres been a lot of stuff on the market Did I have an opinion on and I want to share with you guys? Alright guys, I am oh hey Maddie the tech starts here.
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