Cryptic ball: some pocketful days ahead.
Not much has happened in the crypto markets over the past day, asides from interesting hearsay. The total cryptoasset market cap remains very close to the $2.5 trillion achieved on May 12th and everyone seems determined to wait for bitcoin to make its next move before catching their breath. Note BTC continues ranging according to the plan, despite some normal intraday volatility.
So, what you can do? First and foremost, and as often written here, you must have a plan. Ideally, you should already be positioned according to your plan - and, if so, doing nothing and waiting patiently is the best you can do right now. If not, just keep monitoring your strategy and - if you feel confident - place your orders so that you don't have to be looking at the markets all day.
Nevertheless, as said Monday and last week, things are looking interesting for the weekend ahead and that's how they need to look if we want to break $60k (which is looking like a stronger resistance than $65k). That's not only due to the newfound strength of bitcoin against a faltering global outlook. But also due to the fact that Monday is time for the US SEC to postpone or implicitly grant approval to a key Bitcoin futures ETF, specifically the one filed by ProShares.
This is the filing that two ETF analysts at Bloomberg are assigning the strongest probability of being approved first, and they also believe there's a 75% probability that such a Bitcoin futures ETF is approved this October! In other words, the next days are going to be more volatile. If the SEC delays ProShares filing review (normal, especially in a first response), bears may strike back. If not, it's time to party. And, if there's a sudden pump, maybe someone heard a little bird?
Chart art: here's a netful of dates.
Visual block: for those who prefer sheetfed print-outs.
Three things: here's a basketful of knowledge.
- "OpenSea: The Reasonable Revolutionary" for those who still don't get NFTs.
- "How Crypto Is Shaping the Digital Revolution" for those who still don't get the new digital economy.
- "Lawless in Austin" for those who still don't get cryptoasset regulation.