The end of yesterday was really hard for the traders. The price of Bitcoin rapidly went downhill, and then just as quickly recovered to the previous level of resistance. Major annual support is still in force, the bulls let the bears lower than 6 thousand. The details of technical analysis, understand NewsBTC.
Bitcoin has found its bottom?
Today, the intersection of the lines 100 SMA and 200 SMA finally happened. Usually this is a sign for the sale of an asset, as the path of least resistance is down. However, price is still in the area of moving averages — still early to speak about a new wave plum.
At the moment Bitcoin needs to break above both of the SMA to reach out to local resistance at the level of about $ 6,600. If it is broken with good volume, will begin a new uptrend. Technical indicators have not yet climbed into the overbought zone, so that the asset has a place to grow.
In recent days the volatility of Bitcoin has grown enormously — short positions on bitcoin reached a maximum. It seems that the majority of market players (or a few large traders) do not believe in early adoption of cryptocurrency ETF with the SEC.
Up to this point, the financial regulator had to reject more than a dozen applications from different organizations. And although earlier on said about the review of its decisions, the date of its final verdict is still unknown.
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