Bitcoin analysis for April 29, 2021
Looking at the graph on the four-hour time frame, we see that we are in a falling channel, that our resistance is the moving averages of the MA200 and EMA200. Bitcoin currently consolidates about $ 54,000 and sits at 38.2% Fibonacci level. The break below takes us to a 23.6% level at $ 51,300, and if it doesn’t hold up, we go down to the previous low at $ 47,000.
For the bullish trend, we need a break above MA200 and EMA200 and better consolidation above 50.0% Fibonacci levels above $ 56,000. Looking at the MACD indicator, we see that we are at the beginning of a new bearish signal, but we need a greater separation of the blue MACD line from the signal line for stronger confirmation.
The Securities and Exchange Commission (SEC) has decided to expand its decision on VanEck and the Chicago Board Options Exchange (CBOE) application to include it in the list of funds traded on bitcoins (ETFs). VanEck filed its latest application for the Bitcoin ETF in December 2020. The SEC began a 45-day hour when the CBOE submitted a list of products.
According to the securities regulator, it will extend the time frame for another 45 days. The SEC has until June 17 to make a decision. However, this decision-making deadline could be extended to a total of 240 days.
The SEC in the United States has so far not approved any Bitcoin ETFs. The current global investment manager proposal joins one of nine active applications for the Bitcoin ETF, including Cryptoin Investment Advisors, Galaxy Digital, Fidelity, and Wisdom Tree. Despite the delay in deciding to be made in the United States, Bitcoin ETFs have recently been approved in Canada. Greyscale currently dominates institutional funds that indirectly invest in cryptocurrencies with their Bitcoin Trust (GBTC).
The trust of the asset management company allows investors the possibility of direct exposure to Bitcoin. Without holding BTC directly, institutions could still access digital asset instability without holding currency in their wallets. The approval of the Bitcoin ETF in the United States could provide a more stable alternative to the GBTC.
Since traditional financial products regulate exchange-traded funds, they would be largely available on trading platforms, attracting large amounts of institutional cash flow. Investors remain optimistic that, with Gary Gensler, who leads the SEC, the United States will eventually approve the Bitcoin ETF this year.
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