Big news for #Bitcoin as NYDFS considers conditional BitLicense for crypto businesses and Australia allows purchases of #BTC at over 3,500 post office locations

you're having an awesome day today Bitcoin and crypto currencies having a little bit of a mixed market today we had Bitcoin fall below $9,000 overnight we got down to about 8,000 we did get bought back up but I can tell you right now there is lots of shifting sentiment in the space a lot of comments now people are saying Bitcoin has to go lower we're gonna go back down to the low 7,000_source

you know generally when everybody feels a certain way usually the markets trend to go the other way however could everybody be right this time well one thing I do want to talk about is that we do have Bitcoin volatility extremely low which means we are looking for a big move on the Bollinger Bands specifically I am gonna show you that on the positive side we do have the Bitcoin hash ribbons about to flash the historic buy signal now keep in mind in the past the first time that we had this signal

we had Bitcoin pump 45x then the second time it pumped 27 X now if we do look at the diminishing returns this time we would be looking at about a 16 X pump for Bitcoin which would put it roughly around 160,000 dollars I know it sounds a little bit too good to be true doesn't it well we're gonna talk about that today I also want to go into the fact that we have some big big news from Australia and New York State that's right guys finally New York looks like it might be actually pulling back a little bit on its really strict Bitcoin laws and I do want to also talk about the fact that we may potentially have some adoption for Bitcoin in Venezuela

somebody actually showed that it looks like you could basically buy passports with Bitcoin factored FUD we're going to get into all that today if that sounds good to you you know what to do if you are not follow definitely consider it I do have a feeling we're gonna be seeing some crazy price action relatively soon why well stick around and we'll get into it so without further add let's dive directly into the chart

So having a look right here we do notice that bitcoin is finding itself back at the bottom of the range on bitcoins eme futures now the reason that I've been paying attention to this chart is honestly I feel like the futures chart is where the price action has really been the easiest to follow and you can see right here we have still put in a nice ascending trend every time Bitcoin comes down we do put in a higher low higher low higher low so as long as Bitcoin can kind of maintain in this region then the Bulls do still have control however if we do fall below this well then we are actually looking for a potential shift in the markets

now having a look right here you notice that Alexia MS saying extreme volatility compression is still active on Bitcoin which means that the recent pump has been treated with extreme suspicion the price can explode to the downside at any moment so be careful if Bitcoin doesn't get above that $9,800 level we were talking about now having a look right here you do see that we have some major resistance slash support depending on which side were on at around the $7,800 level

you can see basically down here lots of resistance we get above it it does become support for a little bit but yeah we would hope to get held above that but what I really want to point out right here is the fact that bitcoin is basically at its lowest volatility we've seen at a while on the Bollinger Bands now we are sitting below the basis which is out around 9,500 technically this is bearish and we have pushed down on the lower end so as we can tell from previous saw times the smaller these bands get the bigger the explosive move you can see right here massive move to the downside down here massive move to the upside

but a lot of people are saying we are still technically in an ascending triangle so could just be an excellent buying opportunity if you are waiting for another buying opportunity then you would probably look to do that at around sort of anything above the ninth actually $10,000 level shout out to market minds for this but having a look one thing I want to point out we were supported as the previous resistance turned support however we have fallen out of our purple zone right here we really want to get back above that nine thousand three hundred dollar level

if we don't do that kind of by the end of the weekend then you could be looking for Bitcoin prices to go a lot lower and yes we did have our Golden Cross we did have our Golden Cross fake out we were expecting this anyone on the blog if you took that trade you shorted congratulations once again we were smarter than the Golden Cross however long term I still I'm looking for a pump to the upside now Satoshi flipper says there's an excellent chance we dip into the eight KS even the seven K's on our way to test 14,000 that path doesn't make me any less bullish than

if we went up straight from here I still think we'll test 14,000 before the end of the year it really all depends on the stocks which actually today are up a little bit but it is unfortunate how much correlation we have had with the stocks but I want to point out shout out to crypto lark for pointing this out but he does say the Bitcoin hash ribbons are about to flash a buy signal after the first having we saw a four thousand five hundred percent price rise after the second we saw a two thousand seven hundred percent price rise and now maybe a one thousand six hundred percent which would bring Bitcoin to about the one hundred and sixty thousand dollar mark history doesn't repeat itself but it often does rhyme