A crazy previous 24 hours in the world of BITCOIN, naturally the SEC is in the spotlight again and volatility has begun.
We are now on deadline day for the SEC to either approve or deny ARK Invests spot BTC ETF. It's a day that many have been waiting a long time for and has driven much of the bullish market price action from 2023.
The SEC are not going down without a fight however, It is clear the the SEC are not fans of the crypto industry and have spent many years trying to stunt it's progress. It seems the SEC who is tasked with keeping investors safe had their official twitter account "hacked" and an approval tweet sent out. Gary Gensler who is Chairman of the SEC then tells the public that this is in fact not the case and there has not been a decision yet.
Twitter (X) confirmed this but said the account did not have 2FA enabled so the people in charge of investor safety has weaker safety that the average retail investor...
It would not surprise me if this "hack" incident is used to delay the decision and buy themselves more time to FUD the market an push prices lower. As with many 3-letter-agencies they rarely have the peoples best interest at heart.
For now we must concentrate on what the chart is telling us. I can see a pretty obvious pull from the 33K area. This fair value gap is yet to be retested and would definitely reset the leverage by liquidating a lot of late longs. Waiting for ETF approval and just pressing the green button would be far too easy. If price does reach that area and looks to react strongly off that area I think that's when SPOT LONGS are pretty safe to enter at that level and HODL for the next 1-2 years.
In the immediate future I am not writing off the ability for BTC to have a strong bullish wick up towards 50k however, I think the market showed its hand yesterday by selling off the news, I can see the same happening if the decision is made.
We are now on deadline day for the SEC to either approve or deny ARK Invests spot BTC ETF. It's a day that many have been waiting a long time for and has driven much of the bullish market price action from 2023.
The SEC are not going down without a fight however, It is clear the the SEC are not fans of the crypto industry and have spent many years trying to stunt it's progress. It seems the SEC who is tasked with keeping investors safe had their official twitter account "hacked" and an approval tweet sent out. Gary Gensler who is Chairman of the SEC then tells the public that this is in fact not the case and there has not been a decision yet.
Twitter (X) confirmed this but said the account did not have 2FA enabled so the people in charge of investor safety has weaker safety that the average retail investor...
It would not surprise me if this "hack" incident is used to delay the decision and buy themselves more time to FUD the market an push prices lower. As with many 3-letter-agencies they rarely have the peoples best interest at heart.
For now we must concentrate on what the chart is telling us. I can see a pretty obvious pull from the 33K area. This fair value gap is yet to be retested and would definitely reset the leverage by liquidating a lot of late longs. Waiting for ETF approval and just pressing the green button would be far too easy. If price does reach that area and looks to react strongly off that area I think that's when SPOT LONGS are pretty safe to enter at that level and HODL for the next 1-2 years.
In the immediate future I am not writing off the ability for BTC to have a strong bullish wick up towards 50k however, I think the market showed its hand yesterday by selling off the news, I can see the same happening if the decision is made.
Trade closed: target reached:
Price has been pulled towards the wick to be filled after losing 44.5k key S/R area. So far the trendline is providing support perfectly as price reacts off the level twice.
For me, this is a huge moment for BTC as that wick area % trendline have done their job in providing support, if the bulls don't push on from here and those levels are lost we are now in a downtrend and the 30K's are calling. My target would be the target displayed in the chart at 33k area FVG.
A big week for BTC, if it can hold or even push back up towards local highs then alts will also benefit from this.
For me, this is a huge moment for BTC as that wick area % trendline have done their job in providing support, if the bulls don't push on from here and those levels are lost we are now in a downtrend and the 30K's are calling. My target would be the target displayed in the chart at 33k area FVG.
A big week for BTC, if it can hold or even push back up towards local highs then alts will also benefit from this.
Comment:
After losing the trendline BTC has found support at 38.5k for now. I do expect a further drop towards 33-35k area if bitcoin cannot find strength. Either way, if your timeline is to HODL for 1-2 years these are still great levels to get in at.
The early adopter phase is now officially over and the door for institutional investors has been kicked off it's hinges.
Trading on these ETF's begins tomorrow.
Volatility promised!