Bitcoin analysis for 12/10/2018
The Securities and Exchange Commission (SEC) asks for comments on nine different proposals for changes to the ETF bitcoin rules, which are currently under review after they were initially rejected. The SEC has previously rejected the proposals – submitted by ProShares, GraniteShares and Direxion and NYSE Arca or Cboe market suppliers – while also highlighting the problems with underlying bitcoin futures and the risk that the Bitcoin market is vulnerable to manipulation. The day after the rejection of nine applications, the agency ruled that its management would review these decisions.
In newly published documents, the SEC asked for public comment on all nine applications and set October 26 as the date to which the public can submit all comments:”In addition, it is prescribed that the order to reject the proposed [proposed rule changes] will remain in force until the Commission’s review” – the assistant secretary Eduardo Aleman wrote.
The SEC is also considering separately the Bitcoin ETF proposed by the crypto startup SolidX and the VanEck company dealing with money management. The decision on these proposals could already be made in December.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the level of $6,027 and made a local high at the level of $6,190. The bounce is quite shallow, so there is still a chance for the market to continue the downtrend. The nearest technical resistance is seen at the level of $6,289 and then at the level of $6,358. The market conditions are oversold, but the momentum remains weak as it is still below the fifty level. Higher time frame trend is still down.