Copy link
Increase text size
Decrease text size
Link copied

FxWirePro: BTC/USD finds support near cloud bottom, bias bearish, stay short

Wed, 08 Aug 2018, 06:32 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD crashed to near 6400 levels as the U.S. Securities and Exchange Commission (SEC) postponed its decision on the VanEck-SolidX bitcoin exchange-traded fund (ETF).

The pair is over 4 percent down so far in the day and currently trading at 6540 levels at the time of writing (Bitstamp).

On the upside, resistance is seen at 6652 (1h 10-SMA) and a break above would target 6842 (5-DMA)/6903 (Cloud top). Further strength would see it testing 7000/7217 (4h 200-SMA).

On the downside, the pair seems to have paused its downtrend just shy of cloud support at 6377 and any violation would drag it to 6200/6120 (June 13 low)/6078 (1w 90-EMA). Further weakness would see it testing 6000/5920 (February 6 low)/ 5810 (trend line joining 5555.55 and 5774.72).

Momentum Studies: Technical indicators are highly bearish on the daily chart – RSI is weak at 34, MACD line is below the signal line and stochs are in the oversold zone. We could see some consolidation around cloud bottom but overall bias is bearish

Call Update: We recommended going short in our previous call. Both the targets have been hit.

Recommendation: Book partial profits, stay short. Trail SL to 7200. TP: 6200/6120/6000.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $48,736.00 (+5.52%)
  • Ethereum (eth) $1,546.13 (+7.85%)
  • Cardano (ada) $1.22 (-3.38%)
  • Binance Coin (bnb) $246.44 (+11.45%)
  • Tether (usdt) $1.00 (-0.41%)
  • Bitcoin (btc) $48,736.00 (+5.52%)
Mar 2, 2021 (Tuesday)
06:37
Theta Network tweeted, "Theta Mainnet 3.0 is coming April 21st!"
06:33
Crypto Artwork NFT By Pak Sold For 111 ETH
06:28
MoneyGram Faces Lawsuit Over Alleged False Statements Regarding XRP
06:27
Origin Protocol Is Expect To Process Fund Withdrawal On March 3
06:17
Integrated Ventures Completes Purchase Of 600 Avalon Miners Manufactured By Canaan
06:15
NFTX To Enable NFT Swap
06:05
24H Trading Volume Of Uniswap Tokens Marks $831 Mln
06:05
24H Trading Volume Of Uniswap Tokens Marks $831 Mln
06:02
Effective Hashrate Of Filecoin's Entire Network Marks 2.889 EiB
04:23
BTC Contracts See Shorts Accounting For 51.67% In The Past 4 Hours
03:58
BadgerDAO Integrates With RenVM
03:54
FTX users now are able to deposit USD via a PayPal account.
03:52
Wing Finance Introduces PolkaPet — Wing
03:25
BM: IBC Tech Completed Mostly
03:22
CoinNess Market Surveillance Mar. 2: BTC Rises To $49000 Level
03:14
Hurun Global Rich List: Coinbase CEO Pulls Ahead Of Other Blockchain Practitioner
02:51
Polkastarter announces that DFG now becomes one of members of the Polkastarter governance committee.
02:50
DOGE Is Now Supported At 1800 ATMs In 45 US States
02:30
Crypto Market Sentiment On Mar 02: Market In "Extreme Greed"
02:16
Curve Finance Launches V2 of Pool Factory
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft