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Bitcoin has recently fallen under the bottom of its wedge pattern that falls in the 1-hour time frame to signal that further losses are in the cards. The price is getting support in the $ 3,330 area, so a withdrawal to broken support may be underway. RSI is already indicating oversold conditions and is starting to turn higher to signal a bullish return. Similarly stochastic is withdrawing from oversold area to suggest that buyers are taking over as sellers pause. Both oscillators have a lot of ground to cover before hitting the overbought zone, which means the bullish momentum may remain in play. However, 100 SMA is less than 200 longer-term SMAs to indicate that the path of least resistance is downward.
Bitcoin declines the news of the SEC's decision to delay the approval of the ETF
In other words, the sell off is more likely to resume rather than reverse and that near resistance levels are more likely to resist than to break. Bitcoin suffered another serious blow to the news of the SEC's decision to delay its decision on the applications of the bitcoin ETFs again until February 27, 2019. The postponement was widely expected, while 2018 is approaching the market in course. However, this may actually be a good news as it comes after a meeting with company representatives. At the time of writing this article, BTCUSD is trading at $ 3411.1 down 10.54% or per day. The memorandum on their discussions indicated that the representatives stressed that the bitcoin ETFs could be of the same picture as that of gold and other raw materials, even citing that traditional goods are more prone to market manipulation than bitcoins. .
Meanwhile, the price of Ethereum has fallen heavily against the US dollar and bitcoin. The ETH / USD is currently well below $ 90 and could slip further towards $ 75 or $ 70. The sellers have gained pace and pushed the price towards the mid-1980s. At the time of writing this article, the ETH / USD pair traded at $ 85.94 down 14.51% on the day. On the upside, there are two key bearish trend lines formed with resistance at $ 96 and $ 102 on the hourly chart of Eth / USD. Therefore, an upward correction is likely to suffer a lot of selling interest near the $ 90, $ 95 and $ 96 levels, which indicates that the less durable path goes downward making a move below $ 80 very likely.
<p class = "canvas-text canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This article it was originally published on FX Empire "data-reactid =" 26 "> This article was originally published on FX Empire
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