The SEC rejected another 9 ETF's a few hours ago. Some of these ETF's were based on the BTC futures, not spot markets. Yet the SEC rejected them, citing lack of volume in futures markets.
There is still at least one more proposal (from CBOE) to be decided. SEC's latest statements make it appear unlikely to approve that ETF as well. BUT, the CBOE is the whale of whales and perhaps they 'know' something or have 'greased' the right wheels.
Regardless of the above, the EW waves sure look like a wave 3 down, wave 4 correct, and wave 5 starting. A shallow wave 5 might end at 5683, but I am thinking a 'normal' wave 5 should end in the 5315 range. Of course, getting much below 6k has been a challenge, but chances of good news seem to be reducing.
Will post updates when price action provides any further clues.
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This updated count is still viable, there may be a wave 5 yet to come