At the time of this article, the news from the Winklevoss ETF being denied by the SEC is still fresh and it is unclear what impact it may have on the overall macro trend of the market. Prior to the ETF ruling, the bulls continued to show demand as the bitcoin market saw a strengthening rally supported by expanding volume:Figure 1: BTC-USD, Daily Candles, Macro Trading RangeShortly after the retest of the trading range (TR) spring discussed in our previous bitcoin market analysis, the price strongly reacted by breaking through notable resistance on expanding spread and volume. Surging out of a spring on expanding volume and spread is a textbook characteristic of a “Jump Across the Creek” (JAC). I won’t bore you with the minutia of TR anatomy, but you can basically think of the JAC (sometimes called a Sign of Strength) as a test of demand after the market has proven to show signs of seller exhaustion. Essentially, the creek can be thought of as a wavy area of resistance that constantly grinds down bulls and wears down their will to continue to buy:Figure 2: BTC-USD, Daily Candles, Upper and Lower CreekThe main creek (circled in pink) is a great representation of the general, overhanging area of resistance. In our case, the resistance is perfectly represented by the daily 50 EMA. The JAC occurs when the market supply has dwindled and the order books are clear for a strong surge of buying pressure to sudden... For Further Information Click on Below Button