2018-8-25 17:45 |
It was just two days ago that the news was announced that the SEC had rejected the ProShares Bitcoin ETF. Price suffered a drop on the release of the story down to support at $6240, but it has since recovered to above $6500. This drop provided an excellent opportunity for bullish traders to enter long positions. There was a strong recovery yesterday with Bitcoin pricing in a marubozu candle on the daily chart. A marubozu candle is a candle with a long body and little or no wicks showing strong movement in one direction.
Today, we are seeing a doji being priced on the daily chart reflective on the sideways trading we have seen today. This is common after a big directional move, but the outlook remains bullish for us with many signs point towards the further upward movement. The MACD continues to converge showing momentum shifting more from selling to buying. RSI and price continue to form higher highs and higher lows, which could signal the start of an uptrend. Bitcoin futures prices remain below the Bitcoin spot price which also removes the selling pressure of miners wanting to lock in a profit ahead of time.
Bitcoin Daily ChartThe hourly provides a closer look at the sideways trading we have been experiencing on low volume. The next important support level is at $6240. Important resistance and liquidity levels are between $6750 and $6850.
Bitcoin Hourly ChartKey Takeaways:
Bullish recovery since the rejection of ProShares ETF Yesterday’s candle priced in a Marubozu candle which shows strong directional movement Bullish outlook with MACD converging, and RSI and price forming higher highs and higher lows Currently pricing in a doji candle on the daily reflective of the sideways trading we have been experiencing today Next important levels are $6240 for support and between $6750 and $6850 for resistance 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.Bullish Recovery for Price of Bitcoin [BTC] Since ETF Rejection was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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