On May 7th, SEC and CTFC will have a meeting to discuss if ETH is a security.
Historically, crypto markets reacts negatively to regulations so IF ETH is indeed deemed a security it must be regulated.
That means a possible BTC dump can ensue, forming what looks like descending triangle as indicated in the chart.
There is a lot of arguments as to why ETH cannot be declared a security, and personally I think it is not, but only time will tell.
Historically, crypto markets reacts negatively to regulations so IF ETH is indeed deemed a security it must be regulated.
That means a possible BTC dump can ensue, forming what looks like descending triangle as indicated in the chart.
There is a lot of arguments as to why ETH cannot be declared a security, and personally I think it is not, but only time will tell.
Note
May 7th turns out to be a non-event, but BTC still corrected. Currently looking for a bounce at these blue boxes.First blue box 8800-9200 may be a good long entry/short exit since there was really no bearish news. But still think it could go down to my initial target around 7500-7800, 2nd blue box.
Trade closed: target reached
Target area basically reached (2nd blue box), has a good chance of going a little lower but I think it bounces in this area because of the upcoming Consensus Blockchain conference (green curve).Still not confident it can break the looming descending triangle pattern, but Consensus is historically bullish for BTC since 2015 so there's hope for bulls.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.