RATE Group | BTCUSD Pushed Off the Cliff
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BTCUSD Pushed Off the Cliff

09 Aug BTCUSD Pushed Off the Cliff

Posted at 06:31h in Bitcoin News by

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The Securities and Exchange Commission (SEC) spoiled the upside gains we had made yesterday in the Bitcoin market. The regulator delayed its decision on the Bitcoin ETF proposed by the VanEck SolidX Bitcoin Trust. The Bitcoin price fell 11% soon after the news broke into the wire.

To ease our pain, we joked and called it a “Wait-a-SEC” moment.

Our analysis from yesterday had defined our upside targets only if the BTC/USD pair could attempt a bullish breakout. That didn’t happen. Instead, the panic sell confirmed that we should stay out of the market for a while. We first broke 7000-fiat, our psychological support, and then decided to put a short towards 6815-fiat, our interim support level. We did manage to squeeze out a decent profit; but overall, our long-term holdings took a shocker as the BTC/USD kept slipping. A falling knife, indeed.

So, where does it bring us? Let’s begin by discussing the analysis first.

BTCUSD Technical Analysis

The falling knife should…

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