ETF Rejected gives good buying opportunity for Bitcoin
Yesterday, the SEC announced that it will be rejecting the proshares ETF.
The technical analysis situation prior to this was looking bullish for bitcoin with many signs pointing to further upward movement:
-MACD converging showing selling momentum is dropping off
-Both RSI and price forming higher highs and higher lows
-Futures no longer trading at a premium, this takes the selling pressure provided by miners looking to lock in a profit out of the market
Given the etf announcement, price experienced a drop but it was not so severe considering other drops experienced on bearish news. Given the bullish signs, this pullback is an opportunity for traders looking to go long.
Traders going long around 6350-6450 could use a profit target of 6800 with a stop loss of 6150.
We also have the Vaneck ETF upcoming which proposes to be backed by the equivalent amount of Bitcoin. This one has a much better chance of being approved.
The technical analysis situation prior to this was looking bullish for bitcoin with many signs pointing to further upward movement:
-MACD converging showing selling momentum is dropping off
-Both RSI and price forming higher highs and higher lows
-Futures no longer trading at a premium, this takes the selling pressure provided by miners looking to lock in a profit out of the market
Given the etf announcement, price experienced a drop but it was not so severe considering other drops experienced on bearish news. Given the bullish signs, this pullback is an opportunity for traders looking to go long.
Traders going long around 6350-6450 could use a profit target of 6800 with a stop loss of 6150.
We also have the Vaneck ETF upcoming which proposes to be backed by the equivalent amount of Bitcoin. This one has a much better chance of being approved.
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