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Crypto Industry News:
Bitwise Asset Management has presented another presentation of the US Securities and Exchange Commission (SEC) in its offer regarding the regulatory approval of the proposed Bitcoin ETF.
In the issued memorandum, the SEC published a Bitwise presentation explaining why, in its view, the regulator's concerns were largely resolved. The presentation began with a summary of the evolution and improvement of the market situation over the last two years.
First, the spot market has become more efficient, with the average Bitcoin price deviation on the ten largest exchanges decreasing. Although it was just below 1% in December 2017, it has now fallen further to below 0.1%.
In addition, many new institutional-grade Bitcoin trust services are emerging, receiving licenses from local jurisdictions to manage and store Bitcoins for clients. Meanwhile, record-breaking volumes of Bitcoin futures contracts on the Chicago Mercantile Exchange have been reported this year, suggesting that the regulated futures market is currently significant.
Technical Market Overview:
The BTC/USD pair has tested the technical support and the low for the wave (2) located at the level of $9,539 again. The recent local high was made at the level of $10,317 after previous bounce from the level of $9,539 but since then the bears are pushing the market lower again. In case of a breakout lower, the next target for bears is seen at the level of $9,288 - $9,263 zone. No important breakout occured so far and the larger time-frame trend remains up.
Weekly Pivot Points:
WR3 - $11,109
WR2 - $10,706
WR1 - $10,333
Weekly Pivot - $9,939
WS1 - $9,560
WS2 - $9,159
WS3 - $8,757
Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.
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