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.