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Bitcoin BTC Price Watch – More Buyers Waiting to Join

Bitcoin (BTC) Price Watch -  More Buyers Waiting to Join

Bitcoin (BTC) Price Watch – More Buyers Waiting to Join

 

Bitcoin Price Key Highlights

  • Bitcoin price is still on a tear, making its way up to the top of an ascending channel on the 1-hour chart.

  • Price could be due for a pullback to the channel bottom from here in order to gain more bullish momentum.

  • The Fib levels on the latest swing low and high show the areas where buyers might be waiting.

Bitcoin price could be due for a quick pullback from its ongoing climb as buyers wait to hop in at better prices.

 

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse.

The gap between the moving averages is also widening to signal strengthening buying momentum. The 100 SMA lines up with the 38.2% Fib at $6,800 while the 200 SMA is closer to the bottom of the channel, which might be the line in the sand for a bullish pullback.

In addition, this is near the area of interest or former resistance around $6,700 which might hold as support moving forward. If so, bitcoin price could resume the move to the swing high or the top of the channel closer to $7,200.

RSI is on the move down, though, so there may be some bearish pressure left. This oscillator has a bit of room to head south before indicating oversold conditions, so the correction could go on for a bit longer.

Similarly stochastic is pointing down to confirm that sellers are in control for now. Once both oscillators hit oversold levels and start turning back up, buying pressure could return and allow the climb to resume.

Speculations for a rebound until the end of the year are being revived as traders are now turning their attention to potential approval from the SEC when it comes to bitcoin ETF applications.

 

SARAH JENN | AUGUST 29, 2018 | 4:03 AM

Alan Zibluk Markethive Founding Member

SEC WILL REVIEW WEDNESDAY DECISION TO REJECT BTC-ETF PROPOSALS

SEC WILL REVIEW WEDNESDAY DECISION TO REJECT BTC-ETF PROPOSALS

SEC WILL REVIEW WEDNESDAY DECISION TO REJECT BTC-ETF PROPOSALS

The SEC has decided to review yesterday’s orders denying approval of numerous Bitcoin exchange traded funds.

IS THERE A LIGHT AT THE END OF THE TUNNEL?

In what is sure to be surprising news for all, the U.S. Securities and Exchange Commission (SEC) has decided to place a stay on three orders that rejected Bitcoin exchange-traded funds (ETFs) seeking to be listed on the NYSE Arca and other regulated exchanges. Initially, the SEC denied each of the derivative backed Bitcoin ETFs over genuine concerns of manipulation, as well as Bitcoins availability on numerous unregulated exchanges. In fact, some have gone as far as suggesting that Bitcoin’s recent 1 minute $300 dollar leap that coincided with BitMEX going offline for ‘maintenance’ is a validation of the SEC’s apprehension to approve a Bitcoin-based ETF.

Surprisingly, after making yesterday’s denial announcement ahead of schedule, the SEC has now decided to review these orders, which were originally drafted by staff members on behalf of agency leadership.

In fact, SEC Commissioner Hester Peirce tweeted, “Yesterday’s staff orders disapproving SRO rules related to a number of bitcoin ETFs are stayed pending Commission review.” and She then followed with an additional tweet explaining the previous one in plain English.

Commissioner Peirce went on to explain that the SEC frequently delegates similar rulings to staff members, and reserves the right to review and amend decisions even after official statements have been made.

In the past, Commissioner Peirce has voiced her dissenting opinion regarding SEC’s denial of the Winklevoss twins’ Bitcoin-ETF by arguing:

If we were to approve the ETF at issue here, investors could choose whether to buy it or avoid it. The Commission’s action today deprives investors of this choice. I reject the role of gatekeeper of innovation –a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation and facilitating fair, orderly and efficient markets.

Commissioner Peirce also provided a copy of a letter addressed to the NYSE, which explains that SEC Chairman Jay Clayton and associated commissioners will carefully review each application to identify whether or not SEC staff ruled fairly. While the letter does not provide a date for sharing this review decision, it is nonetheless exciting for those who follow cryptocurrencies.

 

EUSTACE CRYPTUS | AUG 24, 2018 | 00:00

Alan Zibluk Markethive Founding Member