Bitcoin Price Analysis: BTC/USD Short-Term Area of Interest HoldingBTC Casino / 26th October 2018
Bitcoin recently fell through support around the $6,550 area and dipped to a low of $6,460 before pulling up. The broken support appears to be holding as resistance and price might resume its slide back to the swing low or any of these Fib extension levels.
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The 38.2% level is close to the support around the $6,500 mark while the 61.8% level lines up with the swing low. Stronger bearish pressure could take it down to the 78.6% extension at $6,436 or the full extension at the $6,400 mark.
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the slide is more likely to carry on than to reverse. However, the gap between the moving averages has narrowed to reflect slower selling pressure.
Stochastic is heading south to confirm that sellers have the upper hand, but the oscillator is also dipping into the oversold region to signal exhaustion. RSI is still treading sideways to reflect range-bound conditions.
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Bitcoin traders appear to be waiting for more catalysts to play out, likely trying to gauge how ICE Bakkt Bitcoin futures might impact volatility and direction. Recall that CME Bitcoin futures were blamed for the decline in Bitcoin price from its record highs last year as it exposed the digital asset to short positioning.
The market environment appears different these days, though, as traders are also looking forward to the Fidelity institutional investment platform for Bitcoin and Ethereum. This is expected to bring in more volumes and activity early next year, likely supporting demand and price as well.
There have also been some hints of progress in the SEC decision for Bitcoin ETFs as the newest commission has been briefed and the memorandum contained key points. Of note is the mention of how the lack of regulated markets for the underlying security in the past and how several Bitcoin derivatives markets are available these days.
Images courtesy of TradingView
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