On Wednesday we saw a surge in the Bitcoin price to $6875 as another round of Crypto exchange traded fund (ETF) providers were due for review by the U.S Securities and Exchange Commission (SEC) keeping the hopes alive of a listed crypto ETF.
The dream along with the price were crushed as the U.S Securities and Exchange Commission (SEC) rejected all applications by ProShares, GraniteShares and Direxion siting that prices could be vulnerable to manipulation.
In this note we look at the chart and potential support and breakout levels.
Looking at the chart of Bitcoin
The price is currently consolidating in a sideways channel (Bluelines) waiting on a breakout, as seen in the chart we had a spike in price due to the crypto news event and the selloff there after (Red circle). The broader levels to keep in mind are the support level at $5754 and resistance level $6879. We would need a clear break and close above the broader resistance level of $6879 to negate the sideways consolidation.
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