Bitcoin Today: LB volumes are high, low expectations on ETFs

Overview
The $ 3300 level still holds, thou the developments proceed in a bearish pattern below the Bearish Trend Line. Low momentum and absence of high volumes near the $ 3300 hints that the breach lower is possible. Support/Resistance levels stay similar with yesterday, $ 3000 - $ 3300 as a support; and the whole $ 3500 - $ 4000 as a resistance, which is needed to be pierced to cause any changes in the downward overview.

Today forecast
Trading Bounds: $ 3300 – $ 3500. Breakthrough below $ 3300 will send the price to the $3000.

Latest

• Jake Chervinsky: BTC ETFs is in trouble
  Finance lawyer Jake Chervinsky is convinced that the likelihood of approval by the Securities and Exchange Commission (SEC) of the VanEck and SolidX applications for launching Bitcoin-ETF is extremely small.
  In one of his tweets, the expert emphasized that market manipulations are the main deterrent to the launch of ETFs.
  “1/ I'll say this upfront: I think the ETF is in trouble…
  2/ When we last discussed the ETF on September 20, the SEC had just stated its "grounds for disapproval under consideration." The goal of that step is for the SEC to explain all the reasons why it might deny the ETF so the sponsors & the public can respond to them all.
  3/ The SEC had many concerns--enough for 18 multi-part questions. The most important question was about market manipulation. The SEC wanted to know if CBOE BZX (the exchange proposing the ETF) had "a surveillance-sharing agreement with a regulated market of significant size.”
  According to Chervinsky, it was precisely the problem of manipulation that caused the SEC to reject a similar request from the Winklevoss brothers in July of this year.
  Another problem the lawyer calls insufficient powers of the Commission in the context of control over the activities of the exchanges on which the underlying ETF assets are traded.
  “7/ The SEC is basically saying it needs to be able to detect manipulation on the underlying spot & derivative markets where bitcoin is priced to be certain that the ETF itself isn't being manipulated.
  Whether that's the correct view is another matter (@HesterPeirce says no).
  8/ The SEC's problem is that it doesn't have jurisdiction over crypto exchanges, so it can't force them to provide the information it needs to identify & prosecute manipulation (like spoofing & wash trading).
  Also, it can't tell if the exchanges themselves are committing fraud.”
  
  
• LocalBitcoins: Venezuelans, Argentines and Russians are buying bitcoin on the bottoms
  Coin Dance service collects stats on LocalBitcoins volumes by countries shares interesting statistics about local bitcoin acquisitions volumes.
  The main conclusions from the statistics are given below:
  - Revolutions in hyperinflationary Venezuela are growing rapidly. Demand for BTC in this Latin American country has grown to unprecedented heights, despite the competition from the “oil-secured” cryptocurrency El Petro.
  - Argentina, Columbia, and Chile also showing a growing demand on the Bitcoin. Though it also could be explainable by the raging inflation levels and low confidence in the national currency.
  - In Russia, BTC trading volumes have also increased recently, despite the fact that inflation and inconfidence to government in this country are not reaching the Venezuela levels. Though, Russia takes leading places on overall volumes on LocalBitcoins.
  - The global trading volume of Bitcoin through the local LocalBitcoins p2p platform reached the values of the end of 2017 when an unusually high level of activity reigned in the market. Which could be the sign that people are starting to adopt the idea that near $ 3000 prices of BTC are at the bottom.