Partner with US
login
Open Free Account

Resources

Cryptocurrency Newsflash - 24 August 2018

/
Barry Dumas
Crypto-Currency-News-Bitcoin

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.

Screen Shot 2018-08-24 at 09.03.57

 


 

New call-to-action

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

SEARCH ALL RESEARCH