Bitcoin technical analysis: BTC/USD not bothered by BTC ETF's rejection, all eyes on $9,000
|- The Securities and Exchange Commission (SEC) finally rejects Bitwise Bitcoin exchange-traded fund (ETF) after numerous delays.
- The SEC cited the Exchange Act and the inability of Bitwise to demonstrate the capacity to deal with fraud and market manipulation practices.
- Bitcoin price retreated towards $8,500 but recovery on the news but recovery is underway.
Spot rate: $8,578
Trend: Short-term bearish
Support: $8,400 and $8,200
Resistance: $8,600 and $8,800
Volatility: Low
BTC/USD daily chart
The Moving Average Convergence Divergence breaks out towards the positive region. The divergence suggests the bulls have control over the price.
The support between $7,700 and $8,000 has been instrumental to the ongoing recovery targeting $9,000.
BTC/USD 240’ chart
Bitcoin breaks above the short-term trendline resistance as buyers push the throttle towards $9,000.
BTC/USD consolidating within a flap pattern while gathering the strength to thrust towards $9,00.
The MACD enters the positive region and the positive divergence shows that the upward action is far from over.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.