WBM_Team

BTC – waiting for more (positive) volume

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Traders!

We had a nice bounce up within the last 24 hours but… yeah with a very small volume , unfortunately.
We touched the price of the last peak which is at the level of $6860 and the price has stopped.
We may encounter small correction right now but we think we shouldn’t go any lower than $6200.
The good news is that we are over TenkanSen and Zero Lag EMA .
On the accumulation chart, we are still in the uptrend but it goes a bit too slow. Still direction is good.
Crucial level to break up for good is $6800. Once we break is with a couple of day bars we can acknowledge that we have a trend reversal.

On Weis Volume we can see literally no volume . We think everyone is like crouching tiger hidden dragon ;) waiting for the market’s move or at least for the SEC announcement regarding ETFs.

Only 3 days left for this BIG news.

We have 3 options here.
1. They approve some application – the best option as it makes the way to open fully regulated ETFs and expect institutional money flooding in.
2. They postpone their decision. This makes a bit of panic for a while but afterwards, there will be a hope looking for the next term in order to
hear something positive.
3. The reject all the applications. There will be panic and massive sell on the market.

So guys. We are all ears right now waiting for hopefully positive news.


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MASSIVE Hugs! Take care.
WBM Team.
Comment: Accumulation/Distribution zoom
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Related Ideas

ETF was already delayed last week, not sure what announcement you are speaking of.
Reply
WBM_Team WSRCrypto
@WSRCrypto, thanks. Can you provide any link?
Reply
WSRCrypto WBM_Team
@WBM_Team, delayed until Dec. 29, 2018
Reply
WBM_Team WSRCrypto
@WSRCrypto, Indeed, though the chances of approval appear slim, these odds are still higher than the nine other bitcoin ETF proposals put forward by several different companies including Direxion, GraniteShares and ProShares – all initially rejected in one fell swoop by the SEC back in late August.

These rejections are now under review by the agency's leadership and are stayed until further notice, but it's no secret that the VanEck and SolidX ETF proposal differed from all these others in one fundamental way.

Unique about the VanEck and SolidX bitcoin ETF bid is that the proposed fund would hold a repository of bitcoins, rather than of bitcoin derivatives. Given that futures contracts of bitcoins are currently approved and regulated under the SEC, the other nine proposals suggested a bitcoin ETF atop the bitcoin futures market.
Reply
WBM_Team WBM_Team
The U.S. Securities and Exchange Commission (SEC) recently moved to delay their decision on yet another bitcoin exchange-traded fund (ETF).

The move, announced last week, represented the second delay since the proposal was initially filed by options exchange Cboe in partnership with investment management firm VanEck and blockchain technology company SolidX on June 20. As highlighted by Jake Chervinsky, an attorney at law firm Kobre & Kim, the next deadline for a decision is now December 29.
Reply
WBM_Team WBM_Team
@WBM_Team, but it is not clear whether it concerns only VanEck and SolidX or all of the application. As stated above those 2 differ significantly to those applied earlier.
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