BTC/USD technical analysis

With so much going on in the world of our traditional financial system, I haven't had a chance to talk any crypto tonight.

So with last week's bitcoin news that the Winklevoss ETF application was rejected by the SEC, I just wanted to highlight the fact that Bitcoin has actually held up really well.

Here are some thoughts on the charts:

Higher time frame musings:

  • You can see the news drop was immediately retraced.
  • Higher low and higher high now have been printed after that major support zone at the bottom held.

Intraday musings:

  • Just think what the price action on bad news such as this would have been in the midst of the January-May bear market. Straight line down to new lows.
  • The more I read about the CBOE's ETF application, the more I feel that the SEC could approve it.
  • The market might be sharing my optimism.