The SEC must approve or deny two Proshares Bitcoin ETFs this week. The deadline is Thursday the 23rd, they cannot extend the decision. This isn’t great timing considering the price of Bitcoin, recent ETF drama, and the SEC’s history of denials…. or is it?!
BTC Shorts (BTCUSDSHORTS) are nearing their 2018 high as Bitcoin ranges around its 2018 lows. Is BTCUSDSHORTS going to the moon? Let’s discuss that.
Bakkt’s daily Bitcoin contracts will not be traded on margin or use leverage. They will simply be contracts for Bitcoin, “backed” by Bitcoin and settled in Bitcoin (as opposed to cash), in an effort to promote price discovery for Bitcoin.
The first signs of alt season (when altcoins go up against Bitcoin for a period of time) are occurring here on August 17th, 2018. That said, it’s far too early to declare it the season of the alts.
A Swedish Bitcoin Exchange Traded Note (ETN) called Bitcoin Tracker One (CXBTF) can now be invested in via some US markets. Check with your broker/exchange to see if the product is offered.
What if Ethereum ends up being a bullish fractal? In other words, what if the pattern on the log chart keeps repeating? So far, so good on Ether fractals.
Ethereum is trading under $300 at roughly $285. That is the low range of where it traded in the fall. With 2017 resistance now acting as support the questions become, 1. “Why did this happen,” and 2. “Should I panic sell, FOMO buy, or just hide under a rock?”
Bitcoin has resisted dropping below $6k yet again, unfortunately most altcoins from Ethereum down are mostly in panic mode with Ether taking an usually big hit.
Bitcoin dominance reached a 2018 high of 50%. Dominance is up from a 33% year low. That means half the market cap of all cryptocurrency is now in Bitcoin alone. Unfortunately for holders this can be attributed to a decline in the alt market rather than a growth in Bitcoin.
Many alts are falling toward their resistance levels from the second half of 2017. If those levels don’t hold, it could take altcoins down to uncomfortable lows.
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