BTC Breaks Down on Friday

Update: The SEC punted on a Bitcoin ETF decison. Maybe.

Bloomberg: Why a U.S. Bitcoin ETF Could Be a Real Thing in 2021

On June 17, the SEC will decide whether to approve, disapprove or further investigate the structure.

The very symmetrical structure of the topping pattern in BTC made me check how many days it took the shoulder to form. A perfectly symmetrical shoulder would break through the neckline on June 22 June 27. Also notable, Bitcoin peaked coincidentally with the Coinbase (COIN) IPO. That happened because traders bought BTC ahead ofi the Coinbase IPO expecting a pop. If they did that again ahead of the SEC's June 17 decision, they will be selling the news again no matter if good or bad. Finally, the right shoulder looks weak, indicating to me it could break sooner rather than later. I took bearish positions on related stocks on Friday and may add more this week.