Bitcoin Quietly Bullish Pending ETF Decision.

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Hi traders, let's talk about Bitcoin.

Bitcoin.

On the largest time-frame, Bitcoin can be seen trading inside this huge bearish descending triangle.

However the price has been making higher lows ever since hitting $5755 (Bitfinex USD/BTC) on June 24th, first to $5876 on August 14th (Bitfinex USD/BTC) then on September 8th at $6119 (Bitfinex USD/BTC).

After losing close to 70% and bankrupting droves of speculators, the price has (so far) proved unable to gather enough selling momentum to break through this huge volume well (large red ellipsis in the chart below).

We're now looking quite established over $6000, where the current balance (yellow/blue indicator) shows historical market interest for prices above $6000 (green range).

On the smaller time frame we're looking at the bulls trading up into the current balance (yellow/blue indicator), forming a bear flag which could suggests a retest of $6100 sometimes towards the end of the week.

The bear flag's volume profile shows that there is not a lot of volume above $6500 which means that only a short squeeze or some fundamentally bullish news could allow us to break out of this range.

Strategy.

Despite the bearish descending triangle, I doubt we'll go lower than $6000 which has proved to be a solid floor on 5 different occasions.

There simply doesn't seem to be enough selling pressure to take us under that huge volume well and the price has shown some slight bullish momentum since bottoming at $5755.

I believe the market is in waiting mode for SEC (or another, non-american, regulatory entity) to decide on the fate of a Bitcoin ETF.

A Bitcoin ETF is a massive deal for the space and would open the door for anybody, all around the world, to invest in Bitcoin.

It's been announced that SEC would give his decision by October 1rst.