The range that Bitcoin has been going back and forth for months has been broken, and at the same time, the daily kumo support has been broken. This kumo support was broken again in March and June, but this was invalidated as chikou was not lost, and now both chikou and kumo, uptrend and range are lost and with it came a big drop.
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I warned you about the 28.2 level last week about Bitcoin, I stated that if this place is lost, it will aim at the 25.7 level first, and it was already tested at 25.7 hours after it was broken, and then it got a reaction. Bitcoin is currently at 26.4 levels… My thoughts on Bitcoin will fall further in the future, but if we want direction/opinion in the short term, we need to follow the news in the near future. Frankly, I don’t want to open a new position unless Bitcoin starts to go sideways after this big drop.
One of the news that will come soon is the Grayscale case, which will conclude today, and the decision of Grayscale’s Bitcoin ETF application to the SEC will be announced at 18:00 today. In case of rejection, the decline will continue sharply, if it is delayed, the decline will continue, but if it is approved, Bitcoin will start to move in the positive direction after the big drop that came yesterday.
In case of negative news and loss of 25.7, Bitcoin should aim for 20k levels, the news coming today will determine the future of Bitcoin. As I said, I will be waiting for the news and will not make any new plans unless Bitcoin moves to the horizontal chart.
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