Shorts are heightened, there’s rumours that the Pro ETF will be rejected today, bullish sentiment yesterday as a result of Bitmex down for maintenance. Shorts closed by 1%. Does this mean the rest of the market is becoming a little bullish?
The Pro ETF is set to be decided today at 6pm GMT time. This means that the market will be quiet until that period, everyone setting their bets to how they presume the day will go. In Nouvive’s opinion, the ETF will be rejected. This does mean that there will be a 6 per cent decrease on the rest of the market: The Van ETF is far more superior and able to handle both volume and what the SEC identifies as Manipulation. The PRO ETF not so much.
Therefore today, we will see a little bullish momentum, however Nouvive does highly recommend based upon the above information, that those who are shorting, they get into the best possible position to do so. Especially as the last ETF rejection saw 6% down on Bitcoin, this could drag the market lower than the Yearly low of $5800 all the way to $5400 before a temporary bounce.
Those asking about Ripple would see a $0.17 Ripple as well. In my opinion, I would set Buys for Ripple between 0.14-0.17.
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