Industry news:
The American Securities and Exchange Commission (SEC) has rejected yet another Bitcoin ETF application. This time, Wilshire Phoenix, a New York-based investment firm, bore the brunt of the agency's ruling.
SEC Commissioner Hester Peirce believes the dismissal is unfounded and "evinces a stubborn stodginess in the face of innovation."
SEC Sinks Another Bitcoin ETF
The Commission cited crypto's vulnerabilities to market manipulation as a prime reason in its latest rejection.
Wilshire Phoenix, the applicant in question, submitted its proposal with NYSE Arca in June 2019. They refiled again in October so as to include a minor amendment, and the Commission postponed their ruling the following month.
Technical analysis:
BTC has been trading downwards as I expected yesterday. The rejection of the resistance line was the key for the recent downside movement together with the lack of demand around $9.440.
I found bear flag on the 4H time-frame and my advice is to watch for selling opportunities and potential rotation down towards the $8.261 and $7.695 (Pitchfork Median line).
MACD oscillator is showing increasing downside momentum, which adds confirmation for further downside.
Major resistance is set at the price of $9.300
Support levels are seen at the price of $8.261 and $7.695
