BTCUSD, H1
The fall last night in Bitcoin (BTCUSD) came after a keenly awaited announcement from the US Securities and Exchange Commission (SEC) over VanEck was postponed from August 10 to September 30. VanEck SolidX Bitcoin Trust, to give it its full title, is proposed as the first Bitcoin specific exchange-traded-fund (ETF). A regulated Bitcoin-specific ETF is seen as a key milestone in the development and establishment of the leading cryptocurrency. Last year’s launch of regulated Futures markets on CME and CBOE helped BTCUSD move to all-time highs over $19,000. Many Bitcoin holders are hoping that VanEck will be part of a new dawn for the whole cryptocurrency market.
The pressure remains to the downside in the higher time frames for BTCUSD, with a break of the 20 day moving average on Tuesday as rumours around the SEC decision circulated and a gap through the key Fibonacci level today following the announcement. Below today’s $6,500 zone, next Support appears at $6,160 and the July low, the psychological $6,000 and then the 2018 low at $5,800 To the upside the 200 period moving average sits at $7,640, the July cluster high at $8,250, the May peak at $9,700 and finally the psychological $10,000.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
[ujicountdown id=”Next Webinar” expire=”2018/08/09 15:00″ hide=”true” url=”” subscr=”” recurring=”” rectype=”second” repeats=””]
Stuart Cowell
Head Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
