New lows prior to the weekend. As was expected, the descend to the $3500 triggered sell-offs which brought the price to the $3300 at this moment. It is worth noticing, that the opening of the $3000 – $3500 zone pumped up volumes, seems that there are believers that $3000 will fit for the bottom and price will start to make a turnaround at this level. So, for now, support is $3000 – $3300 zone, resistance – Line and $3700, all movements below $3700 will fit into the downtrend scenario.
Lately, news background was saturated with “suspicious large BTC transactions” news, could this be the first glimpse of the reversal, or investors were trying to sell the last holdings on the OTC markets before the further crash, only the time will show. The only truth is that we know is that $3000 is psychologically cornerstone level, turnaround on such oversold lows could bring some significant rise and breakthrough of this level could break-down the market.
Trading Bounds: $3000 – $4000. Breakthrough below $3000 – possible panic and collapse. Rise above $4000 could ignite buyers and elevate the price couple levels up.
- SEC will decide on Bitcoin until February 27, 2019
The US Securities and Exchange Commission (SEC) issued a notice stating that consideration of a decision on an application to start Bitcoin-ETF from VanEck and SolidX with the assistance of CBOE will last until February 27 of next year.
According to the SEC rules, the period for consideration of this decision cannot be extended yet. Thus, the Commission will use the maximum of the allotted time, and February 27 will be the final date for the decision on this application.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-CboeBZX-2018-040). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.”
According to representatives of the SEC, to date, the Office has received more than 1600 comments on this application.
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