Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, TRON:

Fatfish Internet Group CEO Kin-Wai Lau believes that a Bitcoin exchange-traded fund (ETF) might be a reality within “a couple of months.” However, industry experts are divided on whether a Bitcoin ETF is necessary or not.

U.S. Securities and Exchange (SEC) Commissioner Hester M. Peirce, the sole official to express dissent over the recently rejected Winklevoss twins’ ETF proposal by the SEC, believes that an ETF could institutionalize the Bitcoin market and bring more transparency to cryptocurrency trading.

A Wells Fargo/Gallup poll conducted among U.S. investors has found out that 75 percent of the participants viewed Bitcoin as a “very risky” investment, while 23 percent considered it “somewhat risky.” This shows that an SEC-approved ETF could attract numerous new investors to Bitcoin.

If investors follow the right principles, even digital currencies can be traded at manageable levels of risk, the way we have done for the many past months. We have only suggested reliable setups, recommended booking partial profits at regular intervals and trailed the stops higher to minimize the risk for our readers wherever possible.

Still, no forecast is 100 percent correct, hence, the traders should close the positions at the recommended stop losses and protect their capital.

BTC/USD
Bitcoin is looking tired. It has broken down of the small uptrend line, which shows that the bullish momentum is weakening.

A failure to break out of the $8,566.4 line is likely to result in a dip to the breakout levels of $7,750 once again. The 20-day EMA is close to $7,600 and is trending up. Hence, we anticipate a strong support in the zone of $7,600 – $7,750.

Therefore, we suggest maintaining the stop loss of $7,400 on the remaining positions initiated at $6,650. The BTC/USD pair will pick up momentum above $8566.4.