Cryptocurrency

Bitcoin Participants Hopeful of ETF Approval

Russell Shor Written by Russell Shor
  • BTCUSD
    (${instrument.percentChange}%)

Weekly Chart Analysis


Source: wwww.tradingview.com

Bitcoin is well off its high for the week (red arrow). It reached around $30,000 before pulling back and is currently trading near $28,450. However, the weekly chart does have positive aspects to it.

It green 5-week EMA is above its 10-week EMA (black ellipse), putting the EMAs into bullish mode and the RSI has popped above 50 (green rectangle). If it maintains above 50, there will be an underlying bullish momentum.

Cryptomarket participants remain hopeful that regulators will approve a spot Bitcoin ETF and that it will begin trading relatively soon. The Monday spike was due to a false report that the approval had been given. Whilst the rally was short-lived it does highlight how sensitive Bitcoin is to such an announcement.

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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