We had a nice bounce up within the last 24 hours but… yeah with a very small , 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 .
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 we can see literally no . 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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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.
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.