Price
Today morning a slight increase in volume and upward movement, still that momentum was only enough to get above the 6600 level (1.2% growth). Overall, low-demand lateral movement proceeds in previously established boundaries 6450 – 6800. One of the popular patterns around the net is the 5th September - now wedge, which excludes Bitfinex spike (to 7800). According to this wedge, bitcoin still has a couple of days left for lateral movement. Traders also seem to be taking it easy while the SEC has yet to announce its decision on bitcoin ETF applications. Still, traders can look forward to the launch of ICE Bakkt bitcoin futures, although it’s worth noting that CME bitcoin futures were blamed for the massive slide in prices late last year. Important levels: support at 6450 and resistance at 6800.
Today forecast
Today most probable trading diapason: 6500 - 6800. In case of crossing the 6500 - high downward risk.
Latest news
Today morning a slight increase in volume and upward movement, still that momentum was only enough to get above the 6600 level (1.2% growth). Overall, low-demand lateral movement proceeds in previously established boundaries 6450 – 6800. One of the popular patterns around the net is the 5th September - now wedge, which excludes Bitfinex spike (to 7800). According to this wedge, bitcoin still has a couple of days left for lateral movement. Traders also seem to be taking it easy while the SEC has yet to announce its decision on bitcoin ETF applications. Still, traders can look forward to the launch of ICE Bakkt bitcoin futures, although it’s worth noting that CME bitcoin futures were blamed for the massive slide in prices late last year. Important levels: support at 6450 and resistance at 6800.
Today forecast
Today most probable trading diapason: 6500 - 6800. In case of crossing the 6500 - high downward risk.
Latest news
- SEC published the VanEck meeting memorandum
The US Securities and Exchange Commission (SEC) published a memorandum of the meeting, which the agency held on October 9 with representatives of VanEck and SolidX companies interested in launching a bitcoin ETF.
Representatives of the Chicago Options Exchange (CBOE) also took part in the meeting.
As follows from the document, VanEck, whose application was postponed in the summer, named five reasons why the market is ready to launch a new instrument. Representatives of the company also noted that they have eliminated the reasons that were indicated in the regulator’s refusal:
“1) The regulated bitcoin derivative market has reached a significant scale.
2) Related markets - CBOE, bitcoin futures, over-the-counter platforms - are regulated.
3) Problems with price manipulation have been resolved.
4) The CBOE rules are designed to supervise the possible manipulation of trust shares.
5) Investors' interests are protected,” - said VanEck representatives.
Earlier, SEC also stated that the regulated markets for bitcoin derivatives do not have a “substantial” size, and in this regard VanEck, SolidX and CBOE accused the Commission of constantly changing the rules of the game:
“We are concerned that the concept of“ essential ”is a constantly changing value for the SEC. We were never given an explanation of what is meant by “significant”, and this allows them to constantly change the rules of the game ”
On Tuesday, SEC Commissioner Kara Stein in an interview with Bloomberg TV said that the agency still did not decide on the position regarding the launch of Bitcoin-ETF. According to her, companies must prove that they can provide the necessary liquidity, physical storage, and accurate pricing, despite sharp price fluctuations.
At the same time, Stein declined to comment on the possible timing of a decision on the VanEck application. According to the rules, the agency has to give an official answer until March 2019.
In September, the agency announced the start of a formal process for reviewing a Bitcoin ETF from VanEck and SolidX, but again requested "additional information."
