2018-8-24 16:38 |
Yesterday, the news was released stating that the SEC was rejecting ProShares Bitcoin ETF proposition. The ETF had little chance, but the price of Bitcoin dropped on the news regardless. The low point of the drop approached support near the $6240 point but quickly bounced back up. Vaneck is now proposing an ETF which will be backed by actual Bitcoin. This ETF has a much higher chance of being approved and will be likely to have a huge impact on price if approved. The announcement for this ETF is due in September.
There are many reasons to have a bullish outlook for the price of Bitcoin. Both price and RSI are forming higher highs and higher lows, and we also are seeing the MACD converging showing selling momentum dropping off. Today’s upward movement is on low volume so we may see a further retracement, but this could also provide opportunities for long traders to take positions.
Bitcoin Daily ChartThe hourly chart shows the price drop experienced yesterday. BTC was trading in a tight range around $6650 before dropping off sharply on the news of the ETF. Initially, price moved down to $6450 where it traded for a while. There was a further price drop down to near the $6240 support, but the price quickly bounced back up. We are currently trading near the $6450 point in a tight range.
Bitcoin Hourly ChartKey Takeaways:
Price drop yesterday with ProShares ETF being rejected by the SEC The decision on Cboe/Vaneck ETF is upcoming in September and seems more likely to be approved Price dropped to support at $6240 but quickly bounced back up and is now trading near $6450 The bullish outlook remains, with price and RSI forming higher highs and higher lows, and MACD converging DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin [BTC] Price Drops on News of ETF Rejection – Bullish Outlook Holds was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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