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Bitcoin continues to rise in trend even if it has been sold off by the recent strong rise. The price is testing the support at the bottom of its rising channel in the 1 hour time frame, while the Fib extension levels show upward targets.
The bottom of the channel aligns with a previous level of resistance that seems to add to its force like a floor. This is also around the dynamic bending points of moving averages, even if the bitcoin has lowered slightly below these levels.
However, the 100 SMA is above the 200 long-term SMA to signal that the path of least resistance is on the upside. In other words, the upward trend is more likely to resume rather than reverse. Furthermore, the gap between the indicators is small enough to suggest that a bearish crossover is also possible.
The RSI is coming out of the oversold area to indicate a bullish pressure return. Stochastic is also indicating that buyers have control and could push the bitcoins back towards the next upward targets. The nearest is the 38.2% extension to the $ 6500 mark.
Increased upward pressure could bring bitcoins into the central channel's area of interest close to the 50% extension to $ 6,600 or an extension of 61.8% to $ 6,664.70. The 78.6% extension is close to the height of the swing at $ 6,800 and the full extension is at the top of the channel over $ 6,900.
Anticipation for the SEC decision on the ETC bitcoin application of ProShares increased price previously, but the rejection led to a rapid withdrawal. The regulator disapproved of two ETFs deposited by ProShares that would track down bitcoin futures contracts, another from GraniteShares and five leveraged and reversed ETFs from Direxion.
This comes a few weeks after the SEC rejected the applications submitted by the Winklevoss twins and before another series of judgments due at the end of September. Many believe that this refusal is an indication of how their next decisions might be.
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