ANALYSIS AND FORECAST FOR BTC 05/10/2018: SEC FORECAST FOR BITCOIN

[quoctien1997]

Yesterday, Bitcoin rose to 2.3%, touching the highest level of the day at $ 6648.8 then retreating, closing at $ 6590.4.

Also on Thursday (October 4), the SEC moved aggressively with the Bitcoin ETF when it amended a number of trading rules for nine ETFs that had been denied earlier. In August, the SEC declined, but still reviewed the nine ETF applications filed by three companies, namely GraniteShares, Direxion, and ProShares. All views and opinions of SEC members on this proposed amendment will be announced on 26 October. In other words, the first Bitcoin ETF is likely to be adopted as early as October 26th.

References: Revision of the SEC dated October 4,

References: ETB Bitcoin of CBOE: Why the SEC has not yet rejected the CBOE? - P.2

Many investors are optimistic about these considerations and amendments, showing that the SEC is serious and demanding for non-traditional products such as electronic money.

The market reacted positively to this news. H1 Candle this morning after dipping deep below the support level of $ 6552.3 pulled up closing on the bumper at $ 6563.3.

Stochastics on the H4 chart are at a high 68.89 points indicating a still up. However, the upper bound of the convergence triangle is still there, so it is likely that the BTCUSD will only rise to around $ 6627 and then be knocked down.

[MaggieArroyo]

It is good to hear that ETF would be getting adopted. ETF would drive some crypto awareness and adoption in the long term. Waiting for more news regarding ETF approval.

[pooya87]

because the percentage is too small (2%) you can not make any kind of analysis about it. this is bitcoin we are talking about and a small rise or fall like this is what we consider a very stable price without movement even!
not to mention that the ETF news is dead now because it was overused and as a result people stopped paying any attention to it. the only thing that  can change that at this point is if SEC does something different this time which would be approving the ETF.

[btc_angela]

It is good to hear that ETF would be getting adopted. ETF would drive some crypto awareness and adoption in the long term. Waiting for more news regarding ETF approval.

Everyone is really waiting for the positive news coming from ETF but I have mix feeling about it though. I like what we're seeing today, the price is stable at $6k not unlike last years dramatic rise to almost $20k and then a sudden drop. Might as well see the price moving slowly, at least no one can argue saying that we're in the bubble stage again.

[Haven Coffey]

I agree with that many investors are optimistic about these considerations and amendments,showing that the SEC is serious and demanding for non-traditional products such as electronic money. If we have cboe accepted by SEC we will see massive price movement.

[rodalutor]

Any analysis of price movements so small is a fickle exercise. I think that we will have an ETF or multiple one day but it will still be a year or more away. The SEC won't approve something until they are 100% happy with it, they also can't outright reject something without good reason and therefore are obliged to work with the companies proposing ETFs.

[Danish Mohiuddin]

Hmm, I don't really believe in TA but you have done well with backing your TA with the actual genuine news from the SEC this correlation is something which really one needs to be wary of.

[davis196]

Well,October 26th is my birthday,so I'm waiting for a big bitcoin gift.
I'm just kidding.The SEC won't approve bitcoin as an ETF.There's no reason for them to approve bitcoin,after they denied several proposals.

[towi078]

I believe, ETF approval by the SEC will have a positive impact on the price of bitcoin. It feels like I can't wait for the emergence of the bitcoin ETF