RATE Group | Bitcoin trades lower today but may find support at key Fibonacci level
58035
post-template-default,single,single-post,postid-58035,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin trades lower today but may find support at key Fibonacci level

14 Aug Bitcoin trades lower today but may find support at key Fibonacci level

Posted at 11:54h in Bitcoin News by

[ad_1]

BTC/USD 4 hour chart

  • Volume on the Coinbase exchange supporting the sell side
  • Key 61.8% Fibonacci level could provide some support
  • BTC/USD currently fighting to reject the 10,500.00 support

Most of the major cryptocurrencies trate lower today as sentiment is looking weak. BTC/USD hit a low of 10,353.00 with volume clearly backing the sell side. Since the bearish pennant pattern break on the 4-hour chart broke down on 10th August it seems the bears have really been in control.

The recent news that the US securities and exhange comission (SEC) announced a delay on the Van Eck ETF decsion seems to have really hurt the crypto space. Price action has been muted and it seems like the can kicking exercise it just a delay tactic as the regulators look for more reasons not to approve the proposal. It does not end there as the final decisions are expected to be released on the 13th and 18th October but the next decision on the Wilshire Phoenix proposal is scheduled for 29th…

[ad_2]

Source link

Tags:
, , , , , , ,