Hello everyone, as we all know the market action discounts everything :)
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A bitcoin exchange-traded fund (ETF) based on futures looks increasingly likely to be approved by the U.S Securities and Exchange Commission this month, pushing the market more than 30% higher this month and almost reaching $60k level and with the possibility of the first Bitcoin futures ETFs being launched as early as next week, bullish sentiment is soaring. This marks a major milestone after nearly a decade of fielding crypto ETF applications.
Replaying to the Dollar, BTC has reached $59.8k Which is the highest value for BTC since the mid of May
The regulator isn’t likely to delay the products’ introduction to trading next week, But a decline is possible until the decision is final. These ideas, which are based on futures contracts, offer "substantial investor safeguards" that differ from Bitcoin ETF filings previously rejected by the SEC.
The futures product is likely to be the first one approved since they are viewed more favorably by regulators. Futures are governed by the Chicago Mercantile Exchange (CME) and require investors to put down cash on margin to trade them.
Possible Scenario for the market :
This push will probably lead the price to the $60k level, If that is to happen the Bulls will see this as a confirmation of how much power they hold over the market right now and they will be aiming to hit the resistance level at 61692.00 this week. But never forget that when a market is going under a big decision we might see a wide range of movements that might seems Bullish or Bearish until a decision has been made.
If a Bearish movement happens it will probably reach the support level at 56665.00 and might extend to the 55072.00 level.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish signs)
2) The ADX is at 26.31 showing that the market is trending with a positive crossover between DI+ (26.04) and DI- (13.00)
3) The MACD is above the 0 zero line indicating that the market is Bullish with a positive crossover between the MACD line and the Signal line
Daily Support & Resistance points :
support Resistance
1) 56665.0 1) 58258.0
2) 55976.0 2) 59162.0
3) 55072.0 3) 59851.0
Weekly Support & Resistance points :
support Resistance
1) 49286.0 1) 58335.0
2) 43594.0 2) 61692.0
3) 40237.0 3) 67384.0
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
A bitcoin exchange-traded fund (ETF) based on futures looks increasingly likely to be approved by the U.S Securities and Exchange Commission this month, pushing the market more than 30% higher this month and almost reaching $60k level and with the possibility of the first Bitcoin futures ETFs being launched as early as next week, bullish sentiment is soaring. This marks a major milestone after nearly a decade of fielding crypto ETF applications.
Replaying to the Dollar, BTC has reached $59.8k Which is the highest value for BTC since the mid of May
The regulator isn’t likely to delay the products’ introduction to trading next week, But a decline is possible until the decision is final. These ideas, which are based on futures contracts, offer "substantial investor safeguards" that differ from Bitcoin ETF filings previously rejected by the SEC.
The futures product is likely to be the first one approved since they are viewed more favorably by regulators. Futures are governed by the Chicago Mercantile Exchange (CME) and require investors to put down cash on margin to trade them.
Possible Scenario for the market :
This push will probably lead the price to the $60k level, If that is to happen the Bulls will see this as a confirmation of how much power they hold over the market right now and they will be aiming to hit the resistance level at 61692.00 this week. But never forget that when a market is going under a big decision we might see a wide range of movements that might seems Bullish or Bearish until a decision has been made.
If a Bearish movement happens it will probably reach the support level at 56665.00 and might extend to the 55072.00 level.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish signs)
2) The ADX is at 26.31 showing that the market is trending with a positive crossover between DI+ (26.04) and DI- (13.00)
3) The MACD is above the 0 zero line indicating that the market is Bullish with a positive crossover between the MACD line and the Signal line
Daily Support & Resistance points :
support Resistance
1) 56665.0 1) 58258.0
2) 55976.0 2) 59162.0
3) 55072.0 3) 59851.0
Weekly Support & Resistance points :
support Resistance
1) 49286.0 1) 58335.0
2) 43594.0 2) 61692.0
3) 40237.0 3) 67384.0
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.