I stated two days ago that the SEC is not likely to capitulate that easily when it comes to exchange-traded funds (ETFs). Well, it looks like this has come true. There are reports that the SEC will delay the issuance of ETFs. One wonders what game the SEC is playing. Things are almost reminiscent of a banana republic. It is obvious to most that the initial euphoria of the SEC losing its case has come full circle. The price of BTC has continued to fall.
For those steeped in technical analysis (TA), the charts indicated that there would be a fall in price. Nonetheless, sentiment does come into play when it involves the stock market. And that sentiment can crater any instrument.
The chart shows that the 78.6% Fibonacci retracement has confluence with the institutional buying area. It also seems that this could be a new point of control (PoC) sometime in the future. The institutional buying area is going to be an area of support. Evidence of this is the congregation of prices around this area. We must remember that sentiment can easily knock the price downwards. BTC Price is $25782 (at the time of writing) and might drop to $24700. How and when sentiment may bring this about is unknown, which can only mean your guess is as good as mine.
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