(Click on image to enlarge)

Chart courtesy of StockCharts.Com, annotations by Mish

The SEC approved Bitcoin and other than a temporary spike that was immediately given back, approximately nothing happened.

Those predicting to the moon were wrong as were those predicting a big sell the news crash.

Bitcoin is in the middle of a consolidation zone with support at 42,000 and resistance at 45,000 then 47,000 then 49,000 which is the top of the breakout spike that failed.

Bitcoin Weekly Chart

(Click on image to enlarge)

On a weekly chart, support is roughly 40,000. If that breaks then I expect a retest of the 36,000 to 37,000 level. And if that fails there is support at 30,000 then 25,000.

If there is a breakout above 49,000 then I suspect Bitcoin is headed to 65,000 if not 69,000.

A lot of people were quite sure one way or another heading into the SEC decision and I suppose it’s fitting nearly everyone was wrong.

What is Bitcoin and What is Money?

For a more fundamental view of things, please see my post A Maxi Debate: What is Bitcoin and What is Money?

I suggest Bitcoin is not money and never will be. Read my logic and see if you agree.

Meanwhile, I do not know where Bitcoin is headed, nor does anyone else. But if support or resistance levels break, the next targets are the lines in the above charts.

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