THELOGICALINDIAN - Bitcoin continues to attempt at the 100day affective boilerplate but an accessible accommodation by the Securities and Exchange Commission on the ProShares Bitcoin ETF could accommodate a bit of action to briefly get the brawl rolling
August and September will be active months for the U.S. Securities and Exchange Commission.
On August 23, the SEC will either accept or abjure the ProShares Bitcoin ETF application. A additional accommodation is on the cards for September 15 apropos the GraniteShares Bitcoin ETF. Finally, September 30 is the date back the SEC will accord its abutting accommodation on the afresh delayed SolidX-VanEck Bitcoin ETF.
All of this is apprenticed to actualize a activity in the market, so authority on to your hats and be ready.
As Bart Smith said aftermost week, “Bitcoin is still in appearance me mode” — and afterwards canicule of somewhat changeable range-bound trading, buyers bootless to appearance up and force a trend reversal.
After connected rejections at the 100-day MA, BTC [coin_price] acquaint an central bar, arch to a buck banderole and the accepted changeabout which alone BTC beneath the balanced triangle to $6,245. As mentioned previously, $6,300 and $6,230 provided abounding abutment to anticipate BTC from bottomward to $6,100 and $6,000.
Currently, the account RSI charcoal aloft the ascendance trendline from aftermost weeks alteration and BTC will appointment attrition at $6,550, $6,600 and $6,800.
The accepted abstruse setup, forth with accessible accepted events, has the abeyant of blame BTC prices aloft $6,600 and on appear $6,800 However, it’s accessible that the abiding alongside trading is a by-product of investors not demography up any high-risk positions as the accepted apprehension is that the SEC will adios the ProShares BTC-ETF and bitcoin prices will collapse afresh — like they did afterwards the SolidX-VanEck delay.
BTC shorts are currently at an best high, which additionally supports the acceptance that the SEC is added acceptable to adios than accept the ProShares ETF.
BTC acutely wants to ascend aloft $6,500 and the RSI and Stoch on the 1-hour, 4-hour and circadian blueprint are admiring of this — but buyers aloof aren’t activity assured abundant to advice advance BTC to anatomy a amateur top at $6,645 and move on to $6,800.
Obviously, any absolute account apropos the Bitcoin ETFs and SEC would be astounding for BTC price. A bounce could activate addition alteration and it will be absorbing to see if the $6,300 and $6,230 abutment levels hold.
After bridge $6,500 BTC needs to sustain aloft $6,645 and beasts will charge to accommodate constant volume.
A move to the key attrition at $6,800 would abode BTC aloft the 38.2 percent Fib retracement akin and aback aloft the bottomward trendline.
While Bitcoin’s approaching does not blow alone on the approval or abnegation of an ETF, this account will appulse price, so traders should all accumulate an eye on these developments, behindhand of how one feels about the subject. If a abnegation pushes prices aback beneath $6,000, at atomic there is a alley map of resistances and supports to use for approaching beat trades.
[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.]
Where do you anticipate the amount of Bitcoin this weekend? Let us apperceive in the comments below!
Images address of Shutterstock, Tradingview.com.
