During the last hours bitcoin advanced through the magic line of about $1170, its all-time high from more than 3 years ago.
The chart of the last 35 days shows a bumpy ride with the first attempt to crack the all-time high crippled by the Chinese central bank and its actions to torpedo bitcoin trading in China.
But bitcoin came back and shrugged off these head winds, most likely because of the speculation on the bitcoin ETF from the Winklevoss twins. Sometime in March around the 11th a decision from the SEC is expected that could pave the way for this ETF.
So, will it come?
Probabilities are estimated to be low and thus selling pressure could hit the market just before this deadline.
In case this or any other bitcoin ETF ever gets approved, bitcoin prices should march ahead.
If not, things will get interesting. Bitcoin doesn’t necessarily need to break down in that case…
Anyway, before the ETF arrives, bitcoin can be traded directly or leveraged.
The real difficulty is, of course, the trading itself. How to find the right entry in a long running trend to get safely on this trend?
It could be done with PipDaq — our universal system for the swing trader.