Bitcoin market is showing brighter outlook in the next few weeks to come under SEC’s constructive re-consideration and re-structure of Bitcoin ETF proposals

Yesterday, Bitcoin hiked 2.3% to hit the highest daily level at $6648.8 and then retreated to closed at $6590.4.

Also SEC has submitted amendments for previous Bitcoin ETF proposals related to regulation and trading on Thursday (Oct 5). Last August, SEC denied all 9 applications from GraniteShares, Direxion, and ProShares but keeped for further investigation and consideration. Additionally, SEC stated that October 26 will be the final day for any comments and opinions around the ETF. In other words, October 26 potentially is the soonest launching date of the first Bitcoin ETF.

For your reference: SEC amendment on Oct 4, 2018

For your reference: Why is SEC still keeping CBOE’s Bitcoin proposal on the table?

Investors expressed their optimism over SEC’s development. It can be recognized that SEC seriously takes crypto into consideration and are quite open to non-traditional financial products.

Bitcoin market sentiment was warmed up thanks to this announcement. One-hour candlestick earlier this morning dived deeply below the support level at $6552.3 but reversed to close at a higher price of $6563.3.

BTCUSD price chart H4 Oct 5, 2018

Stochastics Oscillator on price chart H4 is as high as 68.89 indicating there’s still more room for rally. However, the descending trendline of the convergence triangle still stays in the place. As a result, there’s a high chance that BTCUSD could pick it up to only around $6627 for the time being.

Before the doom day October 26, theory has it that big game controllers might find the way to depreciate the price for speculation. If that is the case, BTCUSD will witness significant dump to $6400 (the ascending trendline of the triangle pattern) and $6127 level. Moments before the day of reckoning, the pair will receive impulsive swing to as high as $6800 and $7100. Later on, SEC will be in charge of driving the market into a long term uptrend.

Looking closer at time frame H1, Bitcoin remains in the concrete triangle temporarily. In a more positive scenario, the pair will retire to around $6552 and keep wandering until there’s breaking news.

BTCUSD price chart H1 Oct 5, 2018

Written by