Today January 23 2018, Coindesk post an article on their website that says “Cboe Exchange has Withdraws Proposal for VanEck-SolidX Bitcoin ETF”
After many delays due to the common reasons security, custody, market manipulation, and many more the SEC seems to have temporarily withdraw the VanEck ETF proposal and we will for sure see an effect on the price of Bitcoin.
This is the one day Bitcoin/USD chart
As you can see after the last massive dump in price Bitcoin has been testing the $3,500 area for over a week with very low volume and we can see how the RSI and MACD are flirting with the bottom of my monitor just to go down south anytime of this month and open a hole in my desk.
Basic technical analysis indicates that we are ready to go down once more, Bitcoin may need to purge the $3k mark to shake those that still have HOPE, hope is the worst indicator when you are on a trade so either you are in or not and even if you are and your last resource is HOPE then make the idea that you already lost.
In my personal opinion Bitcoin DOES NOT NEED AN ETF, the enterprise will come to crypto for the technology for the security and speed, and they already doing it, an ETF is just an excuse to make money is not to HELP CRYPTO, we are not at the bottom yet probably close but I dont feel like its the bottom because there is still people that have hope for ETF and other Bitcion announcements but this is just the silence before the storm, 2019 will be the year of DAPPS and the year Bitcoin and the rest of the market cure its wounds and get ready for next bull market.
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