Price
From yesterday BTCUSD showed a sustainable growth, with a hike in volume after reaching the Bearish Trend Line and 6250 level. This growth showed a supportive power of the 6000 – 6250 zone, which gives a hope to bulls, but still consideration of any reversal will need more confirmations. The most important requirements to change outlook from bearish to correction/reversal is to stay above 6250 level. From the above, 6600 level will be the next resistance. A comeback below 6250 and Bearish Trend Line will send the price to test the next support at 5750 (2018 low). Also, it is worth remembering that the SEC is now scheduled to decide on the Bitcoin ETF ruling by September 30, so, presumably, we will not see any significant developments until this date (or premature SEC statements), rather it will be a lateral volatile trading ruled by rumors.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
From yesterday BTCUSD showed a sustainable growth, with a hike in volume after reaching the Bearish Trend Line and 6250 level. This growth showed a supportive power of the 6000 – 6250 zone, which gives a hope to bulls, but still consideration of any reversal will need more confirmations. The most important requirements to change outlook from bearish to correction/reversal is to stay above 6250 level. From the above, 6600 level will be the next resistance. A comeback below 6250 and Bearish Trend Line will send the price to test the next support at 5750 (2018 low). Also, it is worth remembering that the SEC is now scheduled to decide on the Bitcoin ETF ruling by September 30, so, presumably, we will not see any significant developments until this date (or premature SEC statements), rather it will be a lateral volatile trading ruled by rumors.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
- Comments from Nick Szabo on ETF
A well-known cryptographer and pioneer in the field of smart contracts, Nick Szabo on Twitter expressed his fears about the approval of bitcoin-ETF. In his opinion, there will be more cons than pros from crypto-exchange-traded funds approval.
“I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it's worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don't need new ones to take their place.” - @NickSzabo4
- Big whale transaction on BitMEX wallet detected
Yesterday at 8:50 UTC time, a transaction involving 10 BTC went to a BitMEX-associated wallet. It didn’t seem like much, but less than half an hour later, another 16 wallets sent 17,990 BTC, bringing the suspected BitMEX wallet’s balance to a grand total of just a hair over 18,000 coins, this was a few hours before BTCUSD showed a recovery movement from the 6000 level.
Such noticeable transactions sparked conversations and fears across the community in multiple social networks: whether that will be a short or a long position... Here is the synopsis of the most meaningful opinions:
“They have to make sure the price stays below $6150 until futures close tomorrow.”
“Shorts are stacked a mile high. Expect volatility.”
“Aside from the possibility that the exchange is consolidating coins to a cold storage wallet, it could also be providing liquidity for its trading platform. Either of these conclusions could be likely, considering that it just recently posted another record-breaking trading volume of over 1 million BTC.”
Anyway, one thing stays clear, we should expect a high volatility soon, and a fall further down stays in a high probability for now.
