Bitcoin path of least resistance is to the upside, likely to reclaim $8,000. The US SEC rejects Winklevoss application for Bitcoin ETFs; the market frowns. Bitcoin has plunged back below $8,000 after sliding below the trendline support around $8,200. The price is currently supported by the 50% Fib level between the highs of $8,488.00 and the lows at $7,330.14 close to $7,910.57. The 200 SMA on the 30-minutes chart is also offering support at the same dynamic inflection position. The trend is bullish at the time of press, besides the RSI has recovered from the oversold, showing that the sellers are exhausted and allowing the buyers to enter. The stochastic is at 85% confirming the bullish trend. Moreover, the path of least resistance is to the upside and the target is on reclaiming $8,000.The 100 SMA is above the longer term 200 SMA, which means that Bitcoin has the potential to hit $8,140 (100 SMA inflection point) leading to another catapult pullback towards $8,300 and eventually $8,500. On the downside, Bitcoin is likely to break down further if it smashes below the 50% Fib support and the 38% Fib support at $7,773.74. If these support zones are broken, Bitcoin price could test $7,500 and $7,000. Bitcoin decline is likely connected to news of the Security Exchange Commission (SEC) in the US rejecting the Winklevoss Bitcoin ETF application. However, there are other proposals for Bitcoin ETF currently with the SEC. For now, investors must exercise patience as they wait on the verdict on other applications to come forth in September after the authority elected to delay the verdict on proposed Bitcoin ETFs. BTC/USD 30-minutes chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/USD Technical Analysis: The post-ECB downfall resumes, remains vulnerable FX Street 5 years Bitcoin path of least resistance is to the upside, likely to reclaim $8,000. The US SEC rejects Winklevoss application for Bitcoin ETFs; the market frowns. Bitcoin has plunged back below $8,000 after sliding below the trendline support around $8,200. The price is currently supported by the 50% Fib level between the highs of $8,488.00 and the lows at $7,330.14 close to $7,910.57. The 200 SMA on the 30-minutes chart is also offering support at the same dynamic inflection position. The trend is bullish at the time of press, besides the RSI has recovered from the oversold, showing that the sellers… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
