2018-7-27 18:10 |
The overnight drop in price came soon after the Securities and Exchange Commission’s (SEC) second rejection of the Winklevoss brothers’ application for a bitcoin ETF.
While the decision may have soured the sentiment in the market, the price pullback was also likely a function of overbought conditions.
Notably, the short-duration price chart had warned of a dip below $8,000 yesterday.
Meanwhile, BTC retains a short-term bullish outlook, as the 5-day and 10-day MAs continue to rise in favor of the bulls.
On the downside, only a daily close below the rising 10-day MA of $7,718 would abort the short-term bullish view.
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