- Positive statements regarding the possible SEC approval of a Bitcoin ETF.
- VanEck, SolidX, and CBOE declare their maximum supervisory commitment.
The new European morning sees the sun shining on the Crypto board. The memorandum of the meeting held on October 9 with VanEck and SolidX on the possible approval of an ETF on Bitcoin has been made public.
The SEC states that several important aspects that led to the refusal to grant a license back in March that have been corrected. Among the highlights, we examine the current existence of several regulated futures trading platforms on Bitcoin, a constant volume of transactions on these derivatives markets, and the commitment by promoters to take out payment insurance to support their clients' investments.
Another important fact is that this ETF is aimed at institutional clients, so the coverage and scope of possible damages would be much more restricted.
From all of the above, I have the feeling that approval, at least of this ETF, may occur in the coming weeks.
Do you want to know more about my technical setup?
BTC/USD 240-Min
The BTC/USD at 240-Min has left us with an attempt to break up in the short term. In the last few hours, the price level of $6,440, a bullish break level, has been breached, but sellers have appeared again and the price has returned below the trend line.
Above the current price, there is an additional critical level to watch. The price level to keep a close watch on is set by the SMA200 at $6,480. This second level is almost more important than the first since a short-term trend line break that fails with the Moving Average would send a very important signal of weakness.
Below the current price, the moving averages that were resistance yesterday are now supported. At the price level of $6,402 (EMA50) and at $6,391 (SMA100). Below these support levels, the short-term target would be at the base of the range at $6,200 (price congestion support).
The MACD at 240-Min reacts to the upward movement and is on the positive side of the indicator. It is premature to declare a sustained upward movement over time, but the look has improved quite a bit.
The DMI at 240-Min also reacts to the bullish move with the bulls still above the 30 level of the indicator but with the bears still above the 20 level, so we can't give the bullish side as a winner on this indicator either.
Long above $6,480 with Stop at $6,430 and with the first target at $6,566 (price congestion resistance) and a secondary target price at $6,750.
Short below $6,391 with Stop at $6,405 and the first target at $6,350 and a secondary target at $6,205 (price congestion support).
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