Bitcoin Trend Series / EP. 682 / SEC Rejection Of ETF Applications (ProShares)

Time: 8.24 A.M. / GM+2 / 23rd Aug 2018 –Thurs.

Recapitulation

• We wrote in our previous post :

If a new ETF Proposal gets rejected again, we might witness another downward move, and if an ETF proposal is approved, bitcoin markes will jump higher !

• Bitcoin price is pulling back after its recent surge to 6.899K due
  to the sold off after the SEC Rejection Of ETF Applications.

Market Factors

• SEC rejected bitcoin ETF applications filed by ProShares, leading investors to worry that the next batch probably won’t be approved as well.

• This rejecteion puts Crypto Market a step back in terms of getting more support from regulators and seeing securities based on digital assets
  for now.

Technical

• In our previous post / 681 / we had forecast the trading range will be between 6.400K & 6.964K. The intraday low was 6.250K and the high was 6.730K.

• Bitcoin price approached to 6.964K yesterday and moved strongly around this solid resistance to 6.400K, the reason why we believe the price will resume the Bearish Trend !

• Conform 4H Chart, we mostly expect downside action to 6.330K, followed by 6.039K and 5.782K due to SEC rejection of ETF applications.

• RSI signal a return in buying pressure, and Stochastic indicate that a downtrend could take place.

Sentiment

The trend is Bearish, unless breaching 6.964K and holding above it

Support 1: 6039.000 level.
Resistance1 : 6680.00 level.

Support 2: 5782.000 level.
Resistance2 : 6964.000 level.

Expected trading for today:
is between 6039.00 and 6800.00.

Expected trend for today :
Bearish.

Medium Term:
Neutral.

Long Term:
Bullish.

The low of 2018:
5782.00 / Fundamental Barrier / Done.

The high of 2018:
11700.00 / Expected!

The low of 2019:
6600.00 / Expected!

The high of 2019:
25000.00 / Expected!

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