Talk of a futures-based Bitcoin ETF has been swirling around the market for months but recent commentary suggests that the SEC may soon approve at least one if not two applications as early as next week. Recent reports suggest that two ETF proposals by ProShares and Invesco may be given the green light next Tuesday to launch their products, although the SEC can still pull the plug by Monday evening. If one or both of these ETFs launch next week, the other applications in the SEC’s in-tray will need to be looked at as a matter of urgency to try and dampen down first-mover advantage. While many believe that the recent move higher in Bitcoin has been in anticipation of an ETF announcement, the underlying cash market will continue to be underpinned, and driven higher, by demand for futures.
We have been bullish on Bitcoin over the past few weeks, not just on the overwhelmingly positive sentiment in the space, but also due to a bullish technical chart set-up. The daily chart shows a classic break out of a bullish pennant at the start of October, while the recent uptrend has provided tradeable support and resistance levels over the last 10 days. Added to this a bullish simple moving average set-up, with the 20-day sma turning sharply higher, while the CCI indicator has not touched extreme overbought levels. As it stands, there is a technical resistance at the levels of 60k and the prices might go down from there ahead of Tuesday’s ETF announcement
We can position our sell orders at 61500 with our fixed stop loss above 69000 and our first target will be 50000 if broken we might see the last lower low on the long term at almost 10000 for each bitcoin
What is your view on Bitcoin (BTC) – bullish or bearish?
We have been bullish on Bitcoin over the past few weeks, not just on the overwhelmingly positive sentiment in the space, but also due to a bullish technical chart set-up. The daily chart shows a classic break out of a bullish pennant at the start of October, while the recent uptrend has provided tradeable support and resistance levels over the last 10 days. Added to this a bullish simple moving average set-up, with the 20-day sma turning sharply higher, while the CCI indicator has not touched extreme overbought levels. As it stands, there is a technical resistance at the levels of 60k and the prices might go down from there ahead of Tuesday’s ETF announcement
We can position our sell orders at 61500 with our fixed stop loss above 69000 and our first target will be 50000 if broken we might see the last lower low on the long term at almost 10000 for each bitcoin
What is your view on Bitcoin (BTC) – bullish or bearish?