Bitcoin Technical Overview:
Day Trading Range: $6230 - $6665
Key Resistance: $6530 - $6580 - $6630 - $6665
Key Support: $6410 - $6330 - $6220 - $6150
Technical Indicators:
MACD: Indicator shows Bullish Divergence but still did not get Bulls Power Volume.
Moving Avg: SMA200 ($6665) strong resistance for the day and next resistance SMA100 ($6861).
Overall, For the Bitcoin bulls, the positive would have been to break back through the day’s first major support level by the day’s end, though there were plenty of negatives, of particular concern being Bitcoin’s inability to keep up with the broader market, with most of the majors making solid gains on the day.
Support late in the day came off the back of news hitting the wires of a potential Bitcoin ETF application that may find a more accepting SEC though there’s more than just Bitcoin ETFs for investors to consider at the moment, regulators and government officials continuing to take a close look at the market.
For the Bitcoin bulls, the threat of a return to sub-$6,000 levels is significant, particularly when considering the planned review of ICOs and the Cryptomarket at next week’s EU finance ministers’ meeting, which could deliver a blow to the broader market ahead of the planned roll out of unified rules and regulations by the G20.
Thanks
YoCryptoManic
Day Trading Range: $6230 - $6665
Key Resistance: $6530 - $6580 - $6630 - $6665
Key Support: $6410 - $6330 - $6220 - $6150
Technical Indicators:
MACD: Indicator shows Bullish Divergence but still did not get Bulls Power Volume.
Moving Avg: SMA200 ($6665) strong resistance for the day and next resistance SMA100 ($6861).
Overall, For the Bitcoin bulls, the positive would have been to break back through the day’s first major support level by the day’s end, though there were plenty of negatives, of particular concern being Bitcoin’s inability to keep up with the broader market, with most of the majors making solid gains on the day.
Support late in the day came off the back of news hitting the wires of a potential Bitcoin ETF application that may find a more accepting SEC though there’s more than just Bitcoin ETFs for investors to consider at the moment, regulators and government officials continuing to take a close look at the market.
For the Bitcoin bulls, the threat of a return to sub-$6,000 levels is significant, particularly when considering the planned review of ICOs and the Cryptomarket at next week’s EU finance ministers’ meeting, which could deliver a blow to the broader market ahead of the planned roll out of unified rules and regulations by the G20.
Thanks
YoCryptoManic