Bitwise Bitcoin ETF Decision set for May, BTC Prices Up 2.3 Percent

Bitcoin prices stable but bullish
Bitwise Bitcoin ETF application decision date put off to mid-May

Litecoin Correction Causes Serious Bearish Action, Why Further Pullback is Likely
Thursday November 14, 2019

LTC broke out of a channel to a new descending wedge after dropping below $61 price levels earlier today. The price rejection at $66 price levels has made Litecoin stay under a bearish pressure...

The post Litecoin Correction Causes Serious Bearish Action, Why Further Pullback is Likely appeared first on 12bitplay - Bitcoin Play.

It will be until mid-May when the US SEC decides on Bitwise Bitcoin ETF. Like the SolidX and VanEck application, this ETF is backed by Bitcoins secured by a third party custodian. Meanwhile, Bitcoin (BTC) prices are stable inside Mar-29 high-low as bulls build momentum towards $4,500.
Bitcoin Price Analysis
Fundamentals
For the second time, the US SEC is putting off their decision on whether Bitwise Bitcoin ETF application meets their requirement and ready for investors. By doing so, the asset management firm joins a long list of applicants including VanEck, SolidX, and CBoE a joint application which the community says stand a change of getting the green lights from the US regulator.
Submitting their file in January, the San Francisco firm plans to roll out a physically backed ETF and after 45 days, the SEC was supposed to make their decision tomorrow. However, the regulator says their decision will be made public in mid-May. Bitwise Bitcoin ETF will track the performance of the world’s largest digital asset from the Bitwise Bitcoin Total Return Index. The index draws prices from trusted cryptocurrency exchanges.
Differentiating itself, their Bitcoins will be stored in a cold wallet by an institutional grade third-party custodian for security and accountability purposes. Should the fund check all the requirements then the NYSE Arca shall list the ETF will Bitwise Index Services will be tasked with producing and servicing the world’s first Bitcoin ETF approved by the strict SEC.
Candlestick Arrangement

Bakkt Bitcoin Futures Print Three Consecutive Days of High Volume
Wednesday November 13, 2019

After a dismal start, interest in Bakkt’s physically-settled Bitcoin futures is finally improving. The Intercontinental Exchange-backed venture has just recorded three consecutive days above $10 million in trading. The figures still lag far behind...

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After weeks of lower lows, this week’s performance is encouraging. Not only will it close the week on a high, adding 2.3 percent but in line with our last BTC/USD trade plan, Bitcoin prices will for the first time closed above a five-month liquidation trend line.
In a typical bullish breakout, such will encourage participation now that prices are stable above $4,000. Besides, bulls of Mar 5 are now live. This is because of  Mar 27-29 upswings thrusting prices above Mar 16. As a result, our short-term longs are valid with targets at $4,500.
Technical Indicators
Despite these encouraging gains, Feb 24 losses are conspicuous. Once there is a high volume break above $4,500 reversing this slide, risk-averse can trade can begin ramping up. Accompanying this break above should be high volumes exceeding recent averages of 6.5k, Mar 29—8k and preferably Feb 18—37k.
Chart courtesy of Trading View
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Ethereum’s Bollinger Bands Signal That a Massive Movement is Imminent
Thursday November 14, 2019

Ethereum has been stuck below its near-term resistance level at $190 for the past several weeks, and both ETH’s bulls and bears have been deadlocked as they hold the cryptocurrency steady within the mid-$180...

The post Ethereum’s Bollinger Bands Signal That a Massive Movement is Imminent appeared first on 12bitplay - Bitcoin Play.

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