BTCUSD forms ‘Gravestone doji and Shooting star patterns at $6,625.9 and $6,644.9 levels respectively that plummet prices, whereas hammer pattern occurs at $6,468.6 levels to counter back these slumps, Current prices remain well below 7 & 9-DMAs despite ongoing upswings (refer 4H charts).
On the contrary, bearish swings in intermediate trend are in tandem with momentum and trend indicators (refer weekly plotting). No traces of recovery, bears are on the verge of retracing 78.6% Fibonacci levels of highs of December-2017 & lows of July-2017.
Fundamentally, the hot news flashes on the heels of the SEC asking for comments on the new ETF.
The SEC, however, recently announced that they propose to ease ETF approval rules, especially for low-risk ones. This would allow companies to issue “plain vanilla versions” of the ETF without seeking approval.
Entire universe knows that the previous applications were turned down, with the authority concerning the underlying asset (Bitcoin’s) liquidity and volatility.
SEC Commissioner Kara Stein said: “The rule would include many of the website disclosure requirements that are in existing orders such as disclosing the ETFs current net asset value per share, market price, and premium or discount – each as of the prior business day.”
The regulatory frameworks have been lingering around cryptocurrency avenue that appears to be vibrant day-by-day, as institutional money inflow also seems more keen onto move into the market simultaneously. However, the state of affairs will undoubtedly be regulated and offers guiding principles by the SEC’s approach to it.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 119 levels (which is bullish), while articulating at (10:31 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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