• 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

BTC/USD 4 hour chart

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 disapprove 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 Sept. 

Looking ahead to price action today, it will be interesting to see if price can rally back above the 10,500.00 level. The crashing renminbi is also a key catalyst for a move higher in BTC as if the Chinese government move into Hong Kong to stop protesters there could be a safe haven move into cryptocurrencies

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Coins Price Prediction: BTC upside capped at $11,600

Twitter and Square CEO Jack Dorsey has yet again reinstated his support for Bitcoin. Bitcoin options open interest is hovering at around 134,000 contracts. Crypto Bitlord accused Ripple of not doing anything to improve ...

More Bitcoin News

Neo Market Update: NEO charts yearly highs, as it readies for DeFi

The new Neo update increases the overall block size limit and improves overall network health. The 4-hour NEO chart has formed the head and shoulders pattern. The Neo Global Development (NGD) has ...

More NEO News

VeChain Price Analysis: VET looking to re-test $0.017 in the short-term

VET is currently trading at $0.0147 after a notable bounce from its low in September at $0.01. VET price is facing some resistance in the form of the 12-EMA at $0.0148. VeChain had a steep correction after its peak on August 7, and it’s ...

More VeChain news

Palm Beach Confidential releases new report highlighting Maker, Enjin Coin, and Numeraire

The newest confidential release from Palm Beach includes several coins like Maker, Enjin, and Numeraire. The company has been giving picks to investors for years now.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP