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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.

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