Bitcoin Today: China's Ratings and ETF postponing
Price
BTCUSD is testing 8500 and aiming for the March hights at 8800. 9000-10000 zone should have a lot of selling orders for sure, especially considering the sharp growth from 6000 with almost no corrections, and 30% growth could be a good reason to take profits underneath the 10000. Nonetheless, this not denying eventual breakthrough of 10000 level, it just that market looks overbought at this point and will definitely show us a correction before moving above 10000. For now, the bullish scenario is the movement within the newly formed Bullish Trend Line and reaching the 9000 – 10000 zone. Nonetheless, the closest resistance is still 8500, and we did not see it breakdown yet, so it is possible to start a correction from 8500. 7600 – 8000 zone should play a support role for the bullish view of the market.
Today forecast
Trading in the 8000 – 8500 zone. Possible upward rally to the 8800 – 9000 zone.
Latest news
BTCUSD is testing 8500 and aiming for the March hights at 8800. 9000-10000 zone should have a lot of selling orders for sure, especially considering the sharp growth from 6000 with almost no corrections, and 30% growth could be a good reason to take profits underneath the 10000. Nonetheless, this not denying eventual breakthrough of 10000 level, it just that market looks overbought at this point and will definitely show us a correction before moving above 10000. For now, the bullish scenario is the movement within the newly formed Bullish Trend Line and reaching the 9000 – 10000 zone. Nonetheless, the closest resistance is still 8500, and we did not see it breakdown yet, so it is possible to start a correction from 8500. 7600 – 8000 zone should play a support role for the bullish view of the market.
Today forecast
Trading in the 8000 – 8500 zone. Possible upward rally to the 8800 – 9000 zone.
Latest news
- China Releases Ranking of 31 Crypto Projects
China’s Center for Information Industry Development has released its third ranking of crypto projects. Out of 31 projects, EOS remains at the top of the list while both Bitcoin and Bitcoin Cash have improved slightly from the previous month.
For the latest ranking, EOS remains at the top of the list, followed by Ethereum, just like the previous month. Similarly, NEM stays at the bottom of the list. Bitcoin has moved up from the 17th place to the 16th place while Bitcoin Cash from the 28th place to the 25th place. Gxchain on 4th place is the latest addition.
Here is the full list in descending order:
1. EOS, 2. Ethereum, 3. Nebulas, 4. GXChain, 5. NEO, 6. Stellar, 7. Steem, 8. Lisk, 9. Waves, 10. Komodo, 11. BitShares, 12. Dash, 13. Ripple, 14. IOTA, 15. Ark, 16. Bitcoin, 17. Qtum, 18. Stratis, 19. Cardano, 20. Ethereim Classic, 21. Verge, 22. Monero, 23. Bytecoin, 24. Sia, 25. Bitcoin Cash, 26. Zcash, 27. NANO, 28. Litecoin, 29. Hcash, 30. Decred, 31. NEM
- SEC postpones ETF decision
Crypto traders around the world were optimistic over the pending decision from SEC over the approval of a much-hyped ETF that would mark the biggest step yet for digital assets into the centre-ground of mainstream finance.
A bitcoin ETF (exchange traded fund) would mean people are able to buy into bitcoin without having to deal with online exchanges that suffer from credibility issues and lack of regulation.
In February this year JPMorgan broke the negativity cycle to cite the potential of a bitcoin-based ETF.
The bank described it as the “holy grail for owners and investors.”
However, yesterday's statement from the SEC said: “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change,”
"Notably, none of the ETF proposals being postponed are from VanEck and SolidX, which are currently under discussion by the wider crypto community. More than 100 comments have been submitted for that proposal, and a decision may occur as soon as next month."