• Sat, 25 May 2019, 02:56 PM
  • All times are UTC
  • Edition:
Link copied

FxWirePro: BTC/USD trades deep in the red, likely to test trend line support at 6240

Tue, 25 Sep 2018, 07:42 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD is trading lower on Tuesday and has fallen below the 6500 mark.

The pair is experiencing the current cooling down effect after it surged to a high of 6826 on September 22. It is currently trading at 6386 at press time (Bitstamp).

The easing of the bitcoin price comes amid a key announcement from the U.S. Securities and Exchange Commission (SEC). In an official statement on September 20, the SEC said it has delayed its decision on the approval of the CBOE’s application to be able to trade shares of the SolidX Van Eck Bitcoin Exchange Traded Fund (ETF). The decision is now expected to come in the first quarter of 2019.

The pair now faces resistance at 6516 (1h 200-SMA) and a consistent break above would target 6603 (Cloud bottom)/6664 (1h 100-SMA). Further strength would see it testing 6746 (100-DMA)/ 6826 (September 22 high).

On the downside, the pair is likely to find support at 6373 (61.8% retracement of 6094.38 and 6826.28) and any violation would drag it to 6240 (trend line joining 5774.72 and 5995.75)/6200. Further weakness would target 6100 (September 19 low)/ 6000.

Bias appears bearish on the daily chart with the price action below major MAs, RSI weak at 45, and rolling over of stochs from the overbought zone. Bias is bearish on the intraday charts as well.

The pair has formed a descending triangle pattern on the daily chart and a dip till 6240 could be on the cards.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $8,052.38 (+0.19%)
  • Ethereum (ETH) $252.00 (-0.08%)
  • XRP (XRP) $0.387600 (-0.34%)
  • Bitcoin Cash (BCH) $407.97 (-1.95%)
  • Litecoin (LTC) $101.44 (+2.46%)
  • Bitcoin (BTC) $8,052.38 (+0.19%)
May 24, 2019 (Friday)
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
German engineering giant Bosch trials Ethereum blockchain
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
Bank of Russia to review proposal on gold-backed cryptocurrency
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
Robinhood Crypto is now in New York
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
California resident sued for alleged $26M crypto Ponzi scheme
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
Rep. Swalwell accepting bitcoin donations in bid for US presidency
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
Binance CEO CZ seeks compensation for reputational damage from Sequoia
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
Coinstar extends bitcoin buying service to 21 US states
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.