BTCUSDT - Bullish Daily Cross ❕

4 Jul 2023

Hi Traders, Investors and Speculators of Charts📈📉

About a week ago, we took a look into the Technical Indicators of BTC and at the time, I concluded that it is MOST DEFINITELY the start of another bullish cycle, as seen here:

Something that I was particularly focusing on was the daily bullish cross on the technical indicator, and that has since happened. In previous instances, the price of BTCUSD went up tremendously after such a cross was observed in the daily timeframe, as pointed out on the two dark charts.

In other words, I am expecting more bullish price action for BTCUSDT with my first short term target being around 34K.


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BTCUSDT BTCUSD BTCUSD BTCUSDT.P BTCUSD BTCUSDT.P BTC.D

6 Jul 2023

Nota

Expecting BTC to trade range or slightly lower for a while with new news on the asset:

The U.S. Securities and Exchange Commission (SEC) has returned the recent filings for spot Bitcoin exchange-traded fund (ETF) funds made by BlackRock, Fidelity, and other firms. The SEC said that the filings were lacking in clarity and comprehensiveness, specifically with regard to surveillance sharing arrangements.

The asset managers have the opportunity to update the language and resubmit the filings. Cboe Global Markets has said that it plans to do so, while Nasdaq and the SEC have declined to comment.

The development caused a sharp decline in the price of BTC, dropping from over $31,000 to $29,830.

The SEC's decision to return the filings is a setback for the spot Bitcoin ETF industry. However, there no reason for FUD. The asset managers have the opportunity to update the filings and resubmit them. If they are able to do so, the SEC may approve the ETFs in the future.