There's another (less) long-term channel that may come into play (as potential support) very soon, as well (blue lines with purple dashes highlighting the center line).
Potential pivot opportunity is in order...
That shared, I agree that the odds aren't low that it tests the major channel projection low in that $3,000 ~ 4,500 price range. What is "favorable"? I wish I knew, but, with the ETF approval seeming more and more likely NOT to happen this year, I tend to lean towards your view.
Agreed. Eventually, I believe that a substancial event or news anywhere in the world regarding institutional investments (Korea, Japan, Middle-East, etc...) may arrive to justify an early bull run. And retail investors, mostly in the US, who tend to be blindly focused on this ETF approval, won't understand what's going on, causing massive fomo.
By the way, let's not forget that the NYSE is now gearing up to get in the party... This whole ETF thing may just be a detail for the next bull run, after all, not a catalyst.
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Good points @demonklyd.
It seems that I fall into the "retail investors, mostly in the US, who tend to be blindly focused on this ETF approval" category, but I'm not selling my long-term investment either way, so it comes out to the same for me regardless.
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