FxWirePro: BTC/USD Makes Upside Traction After Engulfing Pattern as Lingering Optimism of Bitcoin ETFs Still Weighing on Cryptocurrency Avenue

This Wednesday the latest round of CBOE XBT futures ends. The nature of futures contracts means they need to be settled on a set, predefined date, based on a contract. 

Please take a glance at the underlying price of Bitcoin (BTCUSD at Bitfinex) closed the week at $3,650 levels (up about +6.9%). 

Technically, the test of strong support at $3,324.63 levels, which propped-up the price up above 7 & 21-DMAs and a tweezer bottom. For today, one can easily observe that the current trend has been drifting in extremely sideways ahead of XBT expiries. 

The occurrences of bullish engulfing and hammer pattern candles at $3,724, $3,477.90 and $3,639.10 levels have taken off rallies above DMAs with bullish DMA and MACD crossovers after the test of this strong support, while both technical indicators are in line with the upswings, which demonstrates a strong rejection by the bulls after the bulls found support late on Friday.

For now, more rallies seem to be likely event upon bullish DMA & MACD crossovers, while both leading oscillators substantiate upswings.

Fundamentally, the approval of BTC ETFs, the much-awaited news among crypto-space has continued to weigh on cryptocurrency price sentiments, Robert J. Jackson, the SEC commissioner, hints about “his expectations of bitcoin ETF application getting approved as soon as it complies with the SEC standards. Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so, he appended.

VanEck and SolidX have made a fresh bitcoin ETF application through CBOE BZX Exchange. Thereby, we like to reiterate Bitcoin wolves have been hovering on the news that the bitcoin exchange-traded fund (ETF) has been a striking prospect for cryptocurrency space. To substantiate this stance, despite the fact that Winklevoss ETF being rejected, on the flip side, Hester Peirce, the US SEC commissioner, has made announcements that at some point in 2019 we will see the Bitcoin ETF getting approved alongside the regulation of crypto-friendly token-sales.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -157 levels (which is bearish), while hourly USD spot index was at -10 (mildly bearish) while articulating (at 09:33 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex