Another ETF Application Flash with Bitcoin (BTC) Milestone, Next $8,500?

Bitcoin (BTC) surge, blast above $6,000
The US SEC considering another ETF application

Its a new milestone for Bitcoin. After Q4 2018 steep losses, Bitcoin (BTC) is trading above $6,000 for the first time in more than five months. Even so, we expect more upsides, and with the US SEC considering another ETF application, prices could soar to $7,500 as sentiment shift, boosting prices.

Bitcoin Price Analysis


The market is vibrant, and Bitcoin is a standout. After overcoming this weeks FUD thanks to an unexpected Binance heist, market participants are ecstatic. Not only did most analysts project Bitcoin to consolidate below the mother of all resistances at $6,000 but most did associate the hack as a sell trigger. True to their words, Bitcoin prices did slide a few hours after Changpeng Zhao announcement.

However, the moment of panic didnt last long as buyers flew back; supporting prices and the consequent European and NY session saw Bitcoin recouping losses in a trend continuation phase. Now, thanks to positive technical and fundamental factors, it is likely that prices will continue expanding in days ahead.

That is partly because of improving sentiment thanks to bulls blasting above $6,000 and also the US SEC considering a new ETF application from Crescent Crypto Index Services, a subsidiary of Crescent Crypto Asset Management. Crescent, in their application, says the index ETF will include a portfolio of Bitcoin (BTC) and Ethereum (ETH) trading under the XBET ticker symbol in the New York Stock Exchange.

XBET is an exchange-traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges.

Candlestick Arrangement

At spot rates, Bitcoin (BTC) is up 5.1 percent and 15.8 percent in the last day and week, exchanging hands at around $6,380 in most exchanges except BitFinex. After the USDTiFinex and NY OAG imbroglio, the premium increased but it has since tapered as opportunities for arbitrage shrink.

Nonetheless, what is noteworthy is the new milestone. By trading above $6,000, our BTC/USD trade conditions are valid. As a result, every low is technically a buying opportunity with traders aiming not only at $8,500 but at $11,500. Because of todays breach, the bear breakout pattern of Nov 2018 is null.

Besides, bars are banding along the upper BB meaning the underlying momentum is high and could propel prices to $7,500 and later $8,500.

Technical Indicators

Although participation is low meaning there is a divergence, average volumes are up from 9k of Apr-2 to around 11k as of yesterdays close. At this rate, we expect participation to increase as prices rally to new highs.

Chart courtesy of Trading View

The post Another ETF Application Flash with Bitcoin (BTC) Milestone, Next $8,500? appeared first on NewsBTC.

10.05.2019 / 12:20 28
If Bitcoin (BTC) Prices Are In a Virtuous Cycle, Is $12,000 Near? If Bitcoin (BTC) Prices Are In a
Bitcoin prices on an uptrend, add 23.9 percent Analysts confirm Bitcoin whales ramping up Sid Shekhar of TokenAnalyst now confirms that indeed Apr 2
The Changpeng Reassurance, Ripple (XRP) Slow To Respond The Changpeng Reassurance, Ripple (XRP)
Ripple (XRP) prices consolidation, likely to print above 40 cents Changpeng Zhao supports XRP, says it is a utility until decided otherwise Q1 2019
Are TRX Prices Dumping Because Changpeng Zhao and Justin Sun are Scheming? Are TRX Prices Dumping Because
Tron prices slide, drop 9.7 percent in last week Binance receives a 2-Star Ratings at Trust Pilot Transactional volumes low, averages at 12 million
Tron Price Analysis: TRX Up, Expect More Pumps Before Feb 11 Tron Price Analysis: TRX Up, Expect
Tron prices picking up, up 3.7 percent in last day Binance CEO is confident; the exchange can weather all market conditions Transactional volumes
Bitcoin Price Analysis: BTC Bulls Soar, Next Target $4,500 Bitcoin Price Analysis: BTC Bulls Soar,
Bitcoin price is trading above the psychological $4,000 mark. Prices are held within a $800 range with upper limits at $4,500 BitFinex and ETHFinex
Bitcoin (BTC) Price Technical Analysis: Sentiment Shift as Shorts Exit Positions Boosting Bitcoin Prices Bitcoin (BTC) Price Technical Analysis:
After all, Bitcoin is on the verge of a new revival that may bolster prices and hopefully propel them above week ending Aug 12 highs-the all
Comments (0)
Add a comment
Comment on