SEC delays hearing for Bitcoin ETFs. No surprise there.
Introduction to Bureaucratic Systems 101:
The market has been super bullish the past month due to the anticipation of Bitcoin ETFs. Everyone believes that 10th of August is gonna be the day when SEC decides on the approval or rejection. Well that's not how bureaucratic systems work. The hearing might just keep getting delayed. After the first hearing concludes, the SEC will request time to file their say which will be a month away. The Asset Manager's Legal Team will file a 700-1000 page reply which will take the SEC a month to process and file their objection. Hearing will be much like a Tennis Match but this rally is really boring to watch. There's more than enough time for you to head to the food stalls and still not miss a thing.
SEC has hundreds of pending ETF's. Rarely do they get passed within a year and when they do, they are run by big power houses. CBOE, NYSE Arca, VanEck and SolidX do not hold that type of sway over the SEC (definitely not NYSE Arca after the flash crash incident).
On the flip side of the argument, there is a proposed rule change at the SEC that shall exempt certain ETFs and expedite the process. But even if that rule change were to be approved, I have my doubts whether an asset like Bitcoin ETFs will come under the purview of such rule. ETF's that resemble pre-existing ones might benefit from this rule.
Technical: We should get a small retrace here (some profit taking) and then a final wave up. Markets do not go straight up unless it's a Pump and Dump. Now due to the mixed consensus of the market it is difficult to estimate the top of Wave 5. Mixed consensus because the public needs to decide whether the recent rally was only due to the anticipation of ETFs or something else.
As you can see, the potential minute wave 5 can go anywhere in that green box.
How will we know that it has reached its top?
We should see a strong rejection and a reversal candle on 4h and 1D.
Time to go long was a month ago. Even a week ago. Right now I see us in no man's land. Wait for confirmation.
Since SEC has delayed the hearings for Bitcoin ETF's till September. I expect the rejection to come forth as the masses read up on this recent happening. It is to be noted that none of the ETF proposals being postponed are from VanEck and SolidX (getting approval for VNM was impressive but this seems like a long shot)
www.gpo.gov/fdsys/pk.../html/2018-15768.htm
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
The market has been super bullish the past month due to the anticipation of Bitcoin ETFs. Everyone believes that 10th of August is gonna be the day when SEC decides on the approval or rejection. Well that's not how bureaucratic systems work. The hearing might just keep getting delayed. After the first hearing concludes, the SEC will request time to file their say which will be a month away. The Asset Manager's Legal Team will file a 700-1000 page reply which will take the SEC a month to process and file their objection. Hearing will be much like a Tennis Match but this rally is really boring to watch. There's more than enough time for you to head to the food stalls and still not miss a thing.
SEC has hundreds of pending ETF's. Rarely do they get passed within a year and when they do, they are run by big power houses. CBOE, NYSE Arca, VanEck and SolidX do not hold that type of sway over the SEC (definitely not NYSE Arca after the flash crash incident).
On the flip side of the argument, there is a proposed rule change at the SEC that shall exempt certain ETFs and expedite the process. But even if that rule change were to be approved, I have my doubts whether an asset like Bitcoin ETFs will come under the purview of such rule. ETF's that resemble pre-existing ones might benefit from this rule.
Technical: We should get a small retrace here (some profit taking) and then a final wave up. Markets do not go straight up unless it's a Pump and Dump. Now due to the mixed consensus of the market it is difficult to estimate the top of Wave 5. Mixed consensus because the public needs to decide whether the recent rally was only due to the anticipation of ETFs or something else.
As you can see, the potential minute wave 5 can go anywhere in that green box.
How will we know that it has reached its top?
We should see a strong rejection and a reversal candle on 4h and 1D.
Time to go long was a month ago. Even a week ago. Right now I see us in no man's land. Wait for confirmation.
Since SEC has delayed the hearings for Bitcoin ETF's till September. I expect the rejection to come forth as the masses read up on this recent happening. It is to be noted that none of the ETF proposals being postponed are from VanEck and SolidX (getting approval for VNM was impressive but this seems like a long shot)
www.gpo.gov/fdsys/pk.../html/2018-15768.htm
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
Trade active:
We can argue whether we are just following the Elliott Wave Count or this was influenced by Winklevoss twins ETF rejection or whether this is just Institutional Traders selling out before ETF decision time comes close.
If we are to stay in the bull scenario then the white line should not be breached.
Comment:
Back on track for the bull scenario. I'm still bearish around the 10th of August time.
Trade closed: target reached:
As predicted Bitcoin went down to previous support level. Lets see how it holds as we draw closer to ETF Hearing.
www.cnbc.com/2018/07...rejected-by-sec.html