Bitcoin Today: Bearish, no hints on reversal yet
Price
BTCUSD has been showing growth yesterday but did not leave the 6000 - 6600 correctional zone thus did not violate the August bearish tendency. For nearest days we have a 6600 resistance and Bearish Trend Line from above and 6250 – 6000 supportive zone from below, the price will react on these levels. Break above 6600 will only send the price to the next resistive zone 6600 – 6800, which have to be crossed as well to show any hints for a turnaround. Fall below 6000 will open the 2018 low at 5750. Such closeness to the 2018 lows already adds to the bearish scenario, to turn the overview into the more positive side - we need to see a fast rebound from lows and come back above 6800 or even 7000. The longer the price will stay near the lows – the more chances to make new lows.
Today forecast
Trading in the 6000 – 6600 zone.
Latest news
BTCUSD has been showing growth yesterday but did not leave the 6000 - 6600 correctional zone thus did not violate the August bearish tendency. For nearest days we have a 6600 resistance and Bearish Trend Line from above and 6250 – 6000 supportive zone from below, the price will react on these levels. Break above 6600 will only send the price to the next resistive zone 6600 – 6800, which have to be crossed as well to show any hints for a turnaround. Fall below 6000 will open the 2018 low at 5750. Such closeness to the 2018 lows already adds to the bearish scenario, to turn the overview into the more positive side - we need to see a fast rebound from lows and come back above 6800 or even 7000. The longer the price will stay near the lows – the more chances to make new lows.
Today forecast
Trading in the 6000 – 6600 zone.
Latest news
- Comments on ETF situation from market insiders
Internet news portal The Ico Journal published comments on ETF situations "from their insider sources". Source in the Van Eck, a former employee from SEC and someone from CBOE, all seem to have positive expectations regarding approvals of ETFs in future. The main idea is that SEC will approve ETF, they just trying to show a responsible approach and make everything as much safe as possible. Although there is no guarantee of reliability of the source, the article reflects the positive vision, which should be taken into account. Article from The Ico Journal (by Rogue Trader) with the direct speech from sources lower:
After yesterday’s panic reaction to the CBOE, Van Eck SolidX Bitcoin ETF procedural delay we thought it important to reach out to our CBOE contacts, Van Eck back channels, and industry vets to get their reactions. They didn’t disappoint – and you will pick up a theme very quickly in the commentary from three separate and institutionally different sources regarding the topic.
All gave nearly unanimous opinions about two issues of crypto interest; the expected delay and continued high expectations connected to eventual approval.
Our most consistent CBOE source responded via text this way (unedited): “Expected and the markets are acting irrationally to the announcement. Every single submission like this has gotten a delay. Again, expected. Still expect approval. 99% expectation. Print it, but as always, don’t use my name. :)”
A source we were passed at Van Eck responded via email with this: “Our team expected this delay, almost to the hour, and has been an expectation in our planning process. We won’t say when we expect an approval, but there has been specific speculation that we actually agree with and have incorporated into our timeline. We are in no way surprised by this. Most importantly, we believe our submission is the strongest yet to be put in front of US regulators, and believe that strength will be rewarded.”
We shared the above feedback from a source in our network who happens to be a former SEC employee now in the private sector (within the last three months): “The four people I still talk to on the daily at the SEC are basically telling me this ‘it is going to get approved but we are going to make the markets understand that we dug really, really deep i.e. investor protection/transparency’. And that makes sense. The vast majority of the public still has no idea what ‘digital assets’ are or what it means. So when you do an approval like this, and the successive approvals that will follow in this asset class – think of the 3-5 year return number that will be associated with this market? And maybe that is the key to the Van Eck SolidX approval? It is set up as an accredited investor vehicle. That singular element is probably what gives so many of us a firm belief in its approval. And it is a stroke of genius by the Van Eck SolidX group.”
That is where we believe the strength of this approval really lies. The $200,000 price tag effectively puts a floor on the type of investors who can realistically purchase shares. The product instantly becomes the property of accredited investors and institutional organizations.
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