Overnight, bitcoin has breached yet another resistance at @7,800 coming out of the reverse head and should bottom. The upside seems pretty aggressive breaching the second shoulder in less than 3 days instead of the expected 9-12 days. 

![](https://cdn.steemitimages.com/DQmdRoAJbDJCbsgqJchSyToQ5vSnNmbMF7nG4zSNPzsnZki/image.png)
*source: https://www.worldcoinindex.com/coin/bitcoin*

Bitcoin took 9 days to cross the first resistance @6,800 from the top of the 2nd shoulder. It also dipped to 6,400 prior to resuming its ascent. This isn't the case @ 7,800 resistance where bitcoin flew by the shoulder without dipping and lingering for at least 10 days prior to its uptick The reverse and shoulder pattern doesn't have to be perfect though.

The 3rd resistance is at 10,000 and at the time of writing, bitcoin is almost complete with the symmetrical triangle - a bullish continuation signal.  

![](https://cdn.steemitimages.com/DQmd7dxxAbSJEt46z5kXKnKeAbMZ5mJv3engrtEm1PNxt6o/image.png)  
*source: https://www.worldcoinindex.com/coin/bitcoin*

Bursting through the 10,000 mark would signal a very bullish scenario ushering a new bull market that we have never seen before and could save us from watching John from eating his balls on national television:

![](https://cdn.steemitimages.com/DQmboan3NWMDuT6ik2yxLVkPfHi7YLsVoaAxAP7PSUJA4zk/image.png)

However, if bitcoin fails to break the 10,000 resistance, it could be a long long journey to its ATH. I guess we should warm up our TV set for John's adventurous stunt.

Perhaps the biggest catalyst of bitcoin's attempt to push through the 10,000 mark is SEC's decision to approve or reject the first bitcoin ETF authored by CBOE. If we may recall,  the [Cboe submitted a Bitcoin ETF proposal to the U.S. Securities and Exchange Commission](https://cryptoslate.com/bitcoin-etf-comments-submitted-to-sec-overwhelmingly-positive/) on June 26, 2018 which garnered overwhelming support. The latest news has it that the odds are now the favor of the bitcoin supporters who are eager to see the ETF approve: [Bitcoin ETF 90% Chance of Approval](https://cryptodisrupt.com/bitcoin-etf-90-chance-of-approval/?cn-reloaded=1). August 16-19, 2018 is the big decision day for the SEC to announce the verdict. 

![](https://cdn.steemitimages.com/DQmaaVst3YKsRgafonsXD142WV5QHgD83RHYcp8er3Hr3CC/image.png)

For the next 23 days leading to SEC's decision, it would be interesting how bitcoin performs.  

*Disclosure: This post does not intend to provide investment nor does it represents that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the article in the process of making a fully informed investment decision.*

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