Bitcoin Today: 25k only if it breaks above 200-day EMA

Price
The correctional movement after the provoked by Tether hike continues, the price gradually descending with low momentum and weak volumes. On Saturday morning the price bottomed at 6500 level and found enough support for upward momentum above 6600 level. Still, the pattern stays lateral, with 6500 – 6800 boundaries. For now, the situation looks like traders waiting for a breakthrough in any direction, to take the right positions.
Catalyst for the breakthrough out of correction pattern could be news from SEC. Later this week the U.S. SEC is expected to complete its review on several BTC ETF applications. While very few experts believe that the Commission will authorize a rule change to allow an ETF, any news from the regulator could move the price.

Today forecast
Today most probable trading diapason: 6500 - 6800. In case of crossing the 6500 - high downward risk.

Latest opinions

• Vinny Lingham
  Vinny Lingham, the co-founder, and CEO of Civic, a blockchain company that specializes in identity security, believes that there will be another bubble even more significant than the previous one for the cryptocurrency market. He shared his views speaking at the Chain Reaction event hosted by Blockchain Entrepreneurs Club South Africa (BECSA) in Johannesburg earlier this week, Mybroadband Magazine reports.
  "Do I think we’ll have another bubble? Probably, because people just don’t learn. Once it broke through $20k, it would run to over $100k and then we have the start of a new bubble-bust cycle," Lingham said, explaining that he looks at the cryptocurrency market from a long-term perspective, while the bubble will be created by investor greed.
  Lingham is a South African internet entrepreneur and a founder of Civic. His company raised over $33 million through an ICO in 2015. He spoke about the future of blockchain, the cryptocurrency market development and the issues of mass adoption.
  "Even though we are about a decade into blockchain technologies, we are still in the infancy. Primarily the number one use case for cryptocurrency outside of money transfers is trading. It’s mostly a speculation game,"
  
• Tom Lee
  Tom Lee in his interview to the Youtube channel Crypto Tips. Tom Lee answers on the question about his forecasts of 25k level for BTC to Haidi aka @blockchainchick.
  “People are too bearish… What happens is people get bearish because it makes sense. You know the market conditions have been terrible and we are under our 200-day moving average.”
  According to Lee’s research, by the end of 2018, the break-even cost of BTC mining will rise to $8,000-$9,000. While this could be grounds for Bitcoin to rise slightly, the New York-based analyst added that Bitcoin often trades at over two times its break-even, hence the bullish $20,000+ price prediction.
  Tom Lee also talks about the importance of 200-days EMA pattern
  “We just published a report this week that pointed out to our clients that when Bitcoin is under its 200-day, it only goes up 50% of the time in the next six months. But when it’s above its 200-day, it is up 80% of the time , so the trend implied by the 200-day is obviously very important.”
  And the psychology of Bottom pattern
  “Until people are convinced that there’s a bottom, like there are a chicken and an egg, you can’t motivate people until the event happens.”