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"Bitcoin Seeks SEC Decision Support"Bitcoin, trading at $28,538 at the time of writing, grabbed headlines on Monday due to a spike caused by fake reports. The cryptocurrency surged over 10% before dropping to $28,500, triggering a $86 million short-selling liquidation. Despite the truth emerging, the ETF saga continues. The Securities and Exchange Commission (SEC) is set to announce its decision regarding Fidelity, VanEck, and WisdomTree's spot ETF registrations on October 17 (today). According to Bloomberg ETF analyst Eric Balchunas, approval might be delayed until January 2024. Even in correction, Bitcoin may dip to $27,418, maintaining its leading position in the uptrend. However, losing this support, along with the 50, 100, and 200-day Exponential Moving Averages (EMAs), could invalidate the bullish case, pushing the cryptocurrency below $27,000 and towards $26,483. Stay tuned for updates on Bitcoin's evolving situation.
BITSTAMP:BTCUSD
by Gwen_Humuna
1
Bitcoin's Wild Ride Amid ETF RumorsBitcoin's price surged by 10% in the early hours of New York trading after news broke that the U.S. SEC had approved the iShares Spot BTC ETF. However, this uptick was short-lived due to the confirmation that the news was false. Long-time traders who had opened short positions faced significant losses, with nearly $80 million in short positions liquidated, alongside about $18 million in long positions. This reaction could signal a potential market crash if the U.S. SEC indeed approves the immediate BTC ETF, an outcome it's currently considering. The false rumors pushed Bitcoin's price down to the $28,000 range, with the Relative Strength Index (RSI) holding above 50. The unusually long daily candlestick resulting from these mistaken speculations resembles a true 'exhaustion candle' and might indicate an upcoming reversal in the short-term uptrend, hinting at vulnerabilities ahead. Bitcoin's price could lose its entire foundation by October 16, potentially dropping below the psychological support level at $26,000. Breaking below this trendline would confirm even deeper losses. Only a daily candle closing above the resistance level at $29,747 could confirm the uptrend, paving the way for an extension towards the psychological level of $30,000. In a strong bullish scenario, Bitcoin might surpass July's peak, reaching the upper range of $31,804. Such a move would represent a 15% increase from the current level. Stay tuned for more updates as Bitcoin navigates these volatile market conditions.
BITSTAMP:BTCUSD
by Gwen_Humuna
BTC Bottom & New ATH..... when ?!!! Hello Guys There are some notes of BTC weekly Chart: 1. We have a new ATH every 4 years ( 1428-1477 ) days.. 2. After the ATH we take about ( 52-59 ) weeks to make a new bottom then we go up a little ... 3. Every time we reach a new ATH we drop down in a same angle (-55) before the new bull run starting .... look at my chart ( Red angles and curves ): ****** We dropped from ATH 2013 to Bottom 2015 by an angle ( -55 ) . ****** We dropped from ATH 2017 to Bottom 2018 by an angle ( -55 ) . ****** Same (24 July 2019) we dropped from local top to the local bottom by Angle ( -56 ) . ****** Will we drop from ATH 2021 to Bottom (2022 - 2023) by the same angle ( -55 or -56 )?? 4. In my opinion , I expect we will reach the final bottom between ( 26 December 2022 : 6 march 2023 ). 5. I don't care what will be the price of BTC then , but I care only for when will be the possible bottom !!. But if we can try to expect the price it will be in a range of ( 11900 : 9000$) ... Note:( 10K - 10500$) is very very strong demand area for BTC . ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Finally , I think the new ATH will not be before Nov 2025 ( 150k $ ). It is not a financial advice , I am only share my thoughts with u :) Thank u and good luck.
BITSTAMP:BTCUSD
by KarimMohsen
8
BTCUSD 4June2023BTC medium term looks bullish. currently it could still be in the wave 2 period. although last week BTC managed to get out of the sideway area, but the range for prices to make corrections is still very wide. looking at the fibo retracement area, there is a SnD area right at the 0.236 level (the price has dropped 76% from the last bullish swing) in my opinion this area is quite dominant, although in the medium term BTC looks bullish but it is likely that wave 2 is still not complete and it could be that the price is heading towards the SnD area.
BITSTAMP:BTCUSD
by Hokusai_FX
2
BTC: Continue to go long, pay attention to 23K Last week, the economic data released by the United States was mixed, and the US dollar entered a period of volatile pullback. The monthly rate of durable goods orders in January recorded -4.5%, worse than the expected -4%, the largest decline since April 2020. The February ISM manufacturing PMI recorded 47.7, lower than the expected 48; However, the ISM service index recorded 55.1, stronger than the expected 54.5. Both PMIs suggest that US inflation may be more sticky than expected, which may support the future prospects of the US dollar's trend, but in fact, the US dollar index recorded a drop of nearly 0.7% last week. Although from the perspective of the US dollar and risk appetite, the price trend of Bitcoin (BTC) should have been boosted last week, unfortunately, there was negative news in the crypto circle last week. According to reports, the cryptocurrency bank Silvergate announced that it will delay the submission of its annual 10-K report for the 2022 fiscal year. Silvergate stated that "the company is currently analyzing certain regulatory inquiries and investigations related to the company." Immediately afterwards, many cryptocurrency companies and cryptocurrency trading platforms such as Coinbase, Circle, and Tether urgently announced the termination of business dealings with it. The news caused panic in the crypto circle and put pressure on the price trend of Bitcoin. The daily chart shows that the price of Bitcoin (BTC) fell sharply last Friday, breaking through the range of 23,000 to 24,000. It is currently holding steady near the upward support line of 22,000, which started on January 18, and there may be an opportunity for rebound correction in the trend. If it goes up, the initial resistance will focus on 23,000, and further up, the resistance will focus on the 20-day moving average range of 23,600 to 24,000. Continuing to break through will win the opportunity to challenge 25,000 again. Personal trading strategy: Enter the long position at 22,000-22,400, with the first target at 23,000 and the second target at 23,600. However, if it effectively falls below 22,000, it may usher in greater downside space, further down to 21,500 and 20,000. Therefore, it is necessary to set stop-loss strictly, and stop-loss promptly when breaking through the support. I will also continue to pay attention to changes in the market and give the latest strategies, please continue to pay attention.
Long
by FlashTrades_
196
BITCOIN BTC Bearish Possibility, Not Much To See Here!Has BTC exhausted its recent rally? Top has rounded and formed, Making lower lows and lower highs, Hitting key resistance, Has failed to sustain 50K, Momentum indicators divergent, and could be following my wave analysis for a pullback. Still need to see price break 46.5k, 42k and 37k in my humble opinion. After that not much stopping it other than 23k and 16.5k Just a simple idea analysis. Not much to see here. Always be ready for any scenario!
BITFINEX:BTCUSDShort
by bhill
2