Bitcoin wicked up yesterday out of its current tight trading range to touch the nearest fib, amid news of Bitmex closing for maintenance closing shorts.
As the SEC rejected 9 ETFs, many traders are asking if the market has already priced in and whether to buy the current level, if infact the bottom is in.
The SEC had the following to say about the dissaprovals:
“Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’ That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary.”
Stochastics is resting on the 55 key balance level, possibly edging higher for a leg up towards the 6800 resistance, although it being Thursday a fade in to the weekend has been a common trade. With volume picking up yesterday, albeit to the selling side. Signs could point to a retest of the $6300 gann support.
Volatility on the BTCUSD pair has remained low, earlier in the year we asked had it bottomed, with now a slight increase since last months dramatically small volatility of just under 3,000 points down from a year high of 5,000.
Bitcoin still remains the most volatile trading pair of the last month even with these low level, it sores miles high of the nearest comparison being the Turkish Lira of 1,600 pips volatility.