Bitcoin fell yesterday in a move that was strangely at-odds with the raging rallies in risk assets elsewhere. Some of the selling was because of confusion and bad reports about ETF filings.
In any case, BTC found support ahead of the early-November lows and has since shot higher, gaining more than 5% today. It’s again within striking distance of the highs for the year and it will certainly get there if today is the day we finally get the ETF approval.
I see such approval as inevitable and certain, so it should be priced in. That means that sell-the-fact on the announcement pop or on the pop during the first day of trading (which won’t be long after) is the optimal trade. At the same time, I would be hesitant to short anything in the current environment with the Nasdaq on a winning streak and propelled by positive seasonals.
This article was written by Adam Button at www.forexlive.com. Source