Topic: Bitcoin Price Defends $3.5K After Cboe Pulls ETF Proposal - page 3. (Read 553 times)
I don't know if it just only me but I really didn't care much about the ETF proposal... If BTC rode from cents to 20K without the ETF proposal in view then we are still good.
Can you please remind me if the CBOE one was the physical one? because if the ETF proposed was the physical one, then it is definitely a sad news. Otherwise it is the reason to cheer. Because in physical ETF, actual bitcoin will be traded but in a synthetic ETF, only bitcoin futures will be traded which will bring no impact to the market other than increasing the numbers of speculators. So please tell me if the CBOE one was the physical one.
Bitcoin Price Defends $3.5K After Cboe Pulls ETF Proposal
https://www.coindesk.com/bitcoin-price-defends-3-5k-after-cboe-pulls-etf-proposal
With bitcoin (BTC) showing resilience to negative news flow, a strong bullish move is looking increasingly likely.
On Wednesday, the Chicago Board Options Exchange’s (CBOE) BZX equity exchange withdrew its request for a rule change by the U.S. Securities and Exchange Commission (SEC) that would have allowed it to list a bitcoin exchange-traded fund (ETF) backed by VanEck and SolidX.
The market narrative with respect to the ETF is that its approval could trigger the next bull run in the leading cryptocurrency by market value. Moreover, in the past, markets have responded negatively to delays or rejections in ETF approval.
The latest ETF withdrawal, however, has barely moved the needle for BTC’s price. The cryptocurrency continues to trade in a sideways manner above the crucial support at $3,500.
The calm response to the bearish news could be considered a sign of seller exhaustion – more so, as the primary trend is still bearish. As a result, the cryptocurrency could soon end the 14-day-long consolidation with a bullish breakout.
Further, the Cboe ETF – first filed with the SEC in June 2018 – had experienced several delays in the past. As a result, the bar of expectation was set low and was likely priced in by traders.
As of writing, BTC is changing hands at $3,540 on Bitstamp, representing a 0.70 percent drop on a 24-hour basis.
On the daily chart, BTC has created a descending triangle, which comprises a horizontal line connecting a strong support level and a falling trendline representing lower highs.
A UTC close above the upper edge of the triangle, currently at $3,630, would confirm the breakout and could yield a rally to the psychological resistance of $4,000.
The odds of the bull breakout look good, as the ETF news failed to embolden the bears and gold is feeling the pull of gravity (as discussed yesterday, BTC and gold look to be inversely related).
View
BTC’s defense of $3,500 amid the bearish news flow likely indicates seller exhaustion. As a result, the prospects of cryptocurrency witnessing a triangle breakout on the daily chart are high. A bull breakout, if confirmed, would expose resistance lined up at $4,000.
A triangle breakdown – i.e. a close below $3,470 – would validate the bearish setup on the weekly chart and increase the odds of a drop to the December low of $3,122.
https://www.coindesk.com/bitcoin-price-defends-3-5k-after-cboe-pulls-etf-proposal
With bitcoin (BTC) showing resilience to negative news flow, a strong bullish move is looking increasingly likely.
On Wednesday, the Chicago Board Options Exchange’s (CBOE) BZX equity exchange withdrew its request for a rule change by the U.S. Securities and Exchange Commission (SEC) that would have allowed it to list a bitcoin exchange-traded fund (ETF) backed by VanEck and SolidX.
The market narrative with respect to the ETF is that its approval could trigger the next bull run in the leading cryptocurrency by market value. Moreover, in the past, markets have responded negatively to delays or rejections in ETF approval.
The latest ETF withdrawal, however, has barely moved the needle for BTC’s price. The cryptocurrency continues to trade in a sideways manner above the crucial support at $3,500.
The calm response to the bearish news could be considered a sign of seller exhaustion – more so, as the primary trend is still bearish. As a result, the cryptocurrency could soon end the 14-day-long consolidation with a bullish breakout.
Further, the Cboe ETF – first filed with the SEC in June 2018 – had experienced several delays in the past. As a result, the bar of expectation was set low and was likely priced in by traders.
As of writing, BTC is changing hands at $3,540 on Bitstamp, representing a 0.70 percent drop on a 24-hour basis.
On the daily chart, BTC has created a descending triangle, which comprises a horizontal line connecting a strong support level and a falling trendline representing lower highs.
A UTC close above the upper edge of the triangle, currently at $3,630, would confirm the breakout and could yield a rally to the psychological resistance of $4,000.
The odds of the bull breakout look good, as the ETF news failed to embolden the bears and gold is feeling the pull of gravity (as discussed yesterday, BTC and gold look to be inversely related).
View
BTC’s defense of $3,500 amid the bearish news flow likely indicates seller exhaustion. As a result, the prospects of cryptocurrency witnessing a triangle breakout on the daily chart are high. A bull breakout, if confirmed, would expose resistance lined up at $4,000.
A triangle breakdown – i.e. a close below $3,470 – would validate the bearish setup on the weekly chart and increase the odds of a drop to the December low of $3,122.
Jump to: