SEC officially accepts Grayscale large-cap stock fund's application to convert to ETF, what are the odds of approval?】

Crypto expert mentioned at 2 PM yesterday that unemployment rate data and non-farm payroll data will be announced tonight. The market expects a decline in data to be positive, so pay attention to the announcement. Meanwhile, the SEC has officially accepted Grayscale large-cap stock fund's application to convert to ETF, including Bitcoin, ETH, SOL, XRP, and Avalanche. If approved, it would be beneficial for Bitcoin. The daily chart has slightly pulled back, but the trading volume has not increased. This morning, the key support level around 69000 was tested and validated, initially judging that the price decline is not caused by major institutions. With the corner level breaking the descending channel, a converging triangle may form. For the triangle trend, two scenarios need to be considered: first, price rebounds with support around 69000; second, after breaking key support, the probability of a decline is significant. There was a small-scale panic sell-off test in the last hour, and key support was confirmed by buying. In summary, buying remains strong, and until the key support level of 68500 is broken, the focus is on low buying. The trading strategy is to go long near 68700, with a stop loss at 67800, the first take profit around 70500, and the second take profit around 72000.

The expert’s viewpoint is essentially encouraging everyone to buy at 68700. BTC's lowest this morning was 68800, not reaching that position. He believes the bulls are still strong as long as they can maintain above 68500.

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