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Bitcoin has formed lower peaks and is preparing for another support test in the $ 5.800 area, probably ready to form a descending triangle. A rebound could lead to a resistance test, this time around the $ 6,400 area.
The 100 SMA is still above the 200 long-term SMA to indicate that the path of least resistance is on the upside. In other words, support is more likely to hold rather than to break. However, the bitcoin has fallen below these levels to indicate that the selling pressure is increasing.
RSI has emerged from the oversold region to signal a return to the bullish phase while the stochastic is already on the move to show that buyers are regaining control. Once both oscillators have reached overbought levels and are lowered, however, downward pressure could come back and lead to a breakdown of the support.
Note that the triangle chart model is around $ 6,000 to $ 10,000, which is $ 4,000 in height. A break of the support could lead to a fall of the same size and a rally beyond the top of the triangle could also stimulate a manifestation that is of the same height.
On Sunday, the SEC issued an order seeking to suspend the trading of notes exchanged with Bitcoin Tracker One and Ether Tracker One, issued by XBT Provider AB, which is a subsidiary of CoinShares Holdings. This suspension will start at 5:30 pm EDT on 9 September 2018 until 11:59 pm EDT on 20 September 2018.
According to the regulator in its official order, there is "confusion among market participants" on the nature of financial instruments and the suspension was "in the public interest" to ensure "investor protection".
This has once again dampened the hopes that the regulator can decide in favor of the bitcoin ETF applications pending a decision at the end of the month, probably delaying any rebound expected for the year.
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