UPDATE: ETF denied. Bitcoin dead cat bounced off $1,000. I think we’ll have a final capitulation spike down and then resume upward trajectory for rest of 2017. 4 years in the making and the entire ETF drama will be forgotten by next week.
Bitcoin ETF denied. This is good for Bitcoin because….https://t.co/tmF0BZHvQG
— En1gma (@ibcen1gma) March 10, 2017
The SEC decision regarding the Winklevoss Bitcoin ETF is due March 11 (Saturday). Expect an announcement around 430PM EST today.
In anticipation, Bitcoin had a $170 5 min candle today. $170 in FIVE MINUTES. Even for Bitcoin that is ridiculous. $1200 > $1360 > $1190. Bitcoin is a rodeo bull, just try to hang on.
I expect either $2,000 or $1,000 Bitcoin within 7 days. I am leaning that the ETF is denied and we test $1,000. I’m a buyer post announcement either way. If denied, we’ll have a buying opportunity and the entire ETF will just be a blip on the chart by Q2 2017.
However, if the ETF is approved then we’re in uncharted territory. Buy the rocket and hold on.