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Although the bulls have attempted to bounce back last week from the lows of $5,858.6 levels bears have resumed today at $6,748 levels (i.e. (7-EMAs), the bullish momentum is not convincing. As a result, the trend goes in a narrow range for the day.
It has tested the strong support at 78.6% fibonacci levels from the peaks of last December’2017 (i.e. 5701 levels).
Having said that, one should not forget the vigorous bullish trend last year, the journey from $735.3 to a whopping $19,891. (at BITFINEX exchange), or 2,605% surge was commendable. However, on the contrary, the Bitcoin bears have held steady from the last couple of months’ trading sessions but oscillating between the range of 5700 levels to 11700 levels.
Well, it is now stuck in the range between $6,259 and $5,755 levels over the past few months, we’ve got mixed bag of analysts who have been differed on the influence of the presiding of the US SEC (Securities and Exchange Commission) of Bitcoin ETFs applications.
Any bullish price actions of Bitcoin from here onwards is attributed to the intensified optimism around Bitcoin ETFs.
The price of BTC plunged in the recent past, owing to the underlying news of SEC’s rejection of the Winklevoss Bitcoin ETF that had an adverse impact on the market and that investors have overreacted to the news.
On a broader perspective, as universally tradable hedging and speculative derivative vehicles are introduced by regulated financial institutions and the liquidity of Bitcoin considerably improved at CME and CBOE, it has been arduous for the price manipulation of Bitcoin.
Nevertheless, as time progressed the high volatility owing to the underlying news and the prosperity in the emerging crypto-industry, widely tradable trading and investment vehicles render abundant leverage to large investors that are capable of reversing market trends.
With a view of arresting any bullish risks ahead of US SEC’s news that is due in upcoming September, long positions in CME BTC future contracts for December deliveries are advocated.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 39 levels (which is mildly bullish), while hourly USD spot index was at -25 (mildly bearish) while articulating at (07:23 GMT). For more details on the index, please refer below weblink:
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