Bitcoin Price Analysis: Is Bitcoin Approaching A Turning Point?

THELOGICALINDIAN - Bitcoin afraid the apple and rallied afterwards the SEC adjourned a accommodation on the Van Eck Solid X Bitcoin ETF At the aforementioned time XRP ETH and few added altcoins acquaint absorbing assets Are cryptocurrencies abutting a axis point

Market Overview

This has been a fantastically agitative anniversary for cryptocurrencies. XRP pulled off a 100% gain, Stellar Lumens is on a run and Bitcoin (BTC) [coin_price] managed to briefly pop aloft $6,800. The crypto-hemisphere is additionally active with absolute news.

Tim Draper has alternate with his $250,000 Bitcoin amount prediction, and Mike Novogratz of Galaxy Digital has alleged $6,000 the complete basal — now believes that $6,800 and $8,800 represent the acute attrition levels BTC charge cantankerous in adjustment to abutting the year hardly aloft $10,000.

The SEC followed it’s archetypal action of authoritative accessible announcements canicule afore the appointed date. The best contempo account apropos the Van Eck – Solid X Bitcoin ETF is not necessarily negative. According to the SEC, the Commission has not “reached any abstracts with account to any of the issues involved” and accept requested added annotation on the topic.

This has led some to brainstorm that an approval is accessible and the absence of an absolute abnegation has been interpreted as acumen for the accepted assemblage — admitting it’s absolutely accessible that the bazaar is actuality apprenticed by the access in absolute account surrounding Ripple.

Daily Chart

Bitcoin [coin_price] pulled aback afterwards affecting the $6,800 attrition and appears to be accumulation for the time being. BTC managed to bang aloft the 20 and 50-MA and 100-MA is activity as a barrier to $6,800.

Bitcoin (BTC) [coin_price] pulled aback afterwards affecting the $6,800 resistance, and appears to be accumulation for the time being. BTC managed to bang aloft the 20 and 50-MA and 100-MA is activity as a barrier to $6,800. Volume has alone off which is archetypal for the weekend, and the Stoch curve accept beyond as the oscillator begins to alight from overbought territory.

Bulls are accomplishing a accomplished job advancement the concise supports and affairs on the stronger dips. A absolute about-face of contest has been the again accident of beasts agilely affairs the dips and dedicated $6,000 — $6,200.

At the moment BTC is able-bodied anchored aloft the close and lower ascendance trendlines. In the accident of a pullback, BTC could abatement to the $6,550 and $6,500 support. While unlikely, alike a bead to $6,260 keeps BTC aloft the ascendance trendline.

4-Hour Chart

BTC [coin_price] has been alone assorted times at $6,789 and aback topping out at $6,800 BTC pulled aback to column lower highs.

BTC [coin_price] has been alone assorted times at $6,789, and aback topping out at $6,800 BTC pulled aback to column lower highs. A bead in aggregate and accessible accumulation of a buck banderole could see BTC pullback to the 50-MA at $6,500, followed by the 20-MA at $6,435.

The Stoch is en-route to oversold area with allowance to fall, and the RSI is bottomward from bullish territory. This week’s assemblage repositioned the 20-MA aloft the 50, 100, and 200-MA. BTC charcoal able-bodied anchored for the abbreviate term.

BTC will charge to bright $6,780 to regather drive and accomplish a run against $7,000.

Looking Forward

Bitcoin needs to beat $6,780 and $6,840 in adjustment to advance drive and ability $7,000.

In the absence of balderdash volume, BTC could pullback to the 50-MA at $6,500, followed by the 20-MA at $6,435.

We will attending for aggregate to aces up as the weekend ends and BTC is acceptable to accept addition go at $6,800.

[Disclaimer: The angle bidding in this commodity are not advised as advance advice. Market abstracts is provided by BITFINEX. The archive for assay are provided by TradingView.]

Trade Bitcoin, Litecoin and added cryptocurrencies on online Bitcoin forex agent platform evolve.markets.

Images address of Shutterstock, Tradingview.com