Today is Bitcoin's last day without an ETF, possibly, and prices have remained stable at $61,800, with BTC up 0.4% on the day . Tomorrow could see the Proshares ETF begin trading, but its most likely that it happens at some point this week. My instinct tells me that once the first flurry is over, Bitcoin might decide to take a breather, with prices settling and consolidating above $58,850.
A period of sideways trading would be a great sign, as the market prepares for an attack of the ATH. If the SEC suggest a physical Bitcoin ETF is a possibility, then all bets are off and the ATH will be history.
But, I don't think the SEC will be approving a physical ETF this side of Christmas, I hope I'm wrong.
Bitcoin ETFs could actually lead to reduced price volatility, with price crashes less frequent, as a stable injection of capital inflows stabilises prices.
In fact, come the next halving, Bitcoin's famous volatility is likely to be just stories we tell.
I'll be discussing Bitcoin ETFs on Coindesk TV at 3pm EST, please drop in, for a more in-depth talk on why this landmark moment, which has been 8 years in the making, is so important for the continued growth of this asset class.
See you there!
Choppy conditions are difficult for ETH and large cap Alts to gain a foothold with Bitcoin dominance at 46% and few signs of any whales giving up their bags just yet.
There was a $3,700 range in bitcoin intraday as stops were triggered below $60,000 and then above this psychological level. Expect more of the same in coming days as intraday oscillators reset and bulls have another crack at ATH.
Support: $60,500 and $58,300
Resistance: $62,550 and $64,850
Bitcoin has completed an 88.6% retracement or X-A-B-C-D correction towards $61,000.
The last 24 hours has seen much volatility with a push back below $60,000, printing a low of $58,963, before another surging rally and a high of $62,695. Expect more of this price action as solid two-way flow hits exchanges. Interesting to see the 100-day MA cross over the 200-day MA to the topside in early Asia.
Support: $58,300 and $52,800
Resistance: $64,850 ATH and $87,000
MA: 50-day $49,270, 100-day $45,146, 200-day $45,118
RSI: 71% - bullish, nearing overbought
MACD: positive momentum – bullish but waning slightly
Highest candle close of all time on weekly. Extremely bullish.
Support: $52,800 and $48,125
Resistance: $64,850 ATH and Fib extension Target $87,000 – $88,000
RSI: 65% - rising / bullish
MACD: positive momentum building - bullish
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
Investors aren’t ready to give up on equities yet.