Bitcoin Bullish Momentum is Building, But Popular Analyst Says Technicals Point to $10,800
- Bitcoin Didn’t React to the SEC Postponing 3 ETF
- Bullish Momentum: No Looking Back, weekly Guppy indicator says $18k
- But Bears are as much present in the market, $10.8 or $8?
Since going above $12,300 on August 6th, Bitcoin is not showing any bullish movement. On the weekend, we flash crashed to $11,200 from $11,800 and now trading in a tight range of $11,558 and $11,160.
At the time of writing, BTC/USD has been trading at $11,255 with 24 hours loss of 1.02%. Daily trading volume meanwhile recorded by Bitcoin in the past few days is extremely low that keeps on dropping further. From yesterday’s $600 million, it has today fallen to $480 million, as per Messari.
Bitcoin Didn’t React to the SEC Postponing 3 ETF
Interestingly, the SEC delayed its decision on all three of the Bitcoin ETF proposal until Autumn that didn’t have any effect whatsoever on the market.
As per the new deadlines, the Bitwise and VanEck proposal have its final decision coming on October 13 and October 18, that can’t be delayed any further. The Wilshire proposal still has 150 more days that can be delayed, with its next deadline falling on September 29.
Despite the growth of the market is seeing, regulators don’t seem to be ready to approve the ETF yet. However, analyst and trader, Jacob Canfield points out how Bitcoin pumped 300% without an ETF and this time didn’t even react to this news at all.
“Just goes to show you how irrelevant narratives really are. Focus on price action as most everything else is priced in,” Canfield said.
Bullish Momentum: No Looking Back
Most recently, we reported Goldman Sachs’ bullish short-term Bitcoin price target at nearly $14,000. Now, another bullish scenario is shared by analyst that goes by Pladizow on twitter.
As per the Bitcoin weekly Guppy indicator shared by him, Bitcoin might be getting ready for a big rally.
The chart follows the movement of two groups, with blue, the 6 faster-moving EMA's representative of quick-moving traders while red, the slower 6 of the 12 EMA's being investors.
As can be seen, once the two groups crossed in 2016, establishing a gap between them, “there was no looking back.”
Could this mean a repeat performance for Bitcoin?
Past performance is no guarantee of future results but if history does repeat, we might take over $18k.
In another bullish scenario, we are seeing gold climbing to new highs, fueled by intensifying trade war, rising Hong Kong protest tension, and now the Argentina stock market rout.
Bitcoin, which has been rising together with stock market past months started to decouple, from the end of July. The digital gold has also started gaining recognition as a safe haven asset, that could mean, a similar spike in BTC price can be seen, just like we did earlier this month.
But Bears are as much present in the market
The calls for $8.5k took a backseat after Bitcoin surged in the first week of August. However, they are back.
“200MA/EMA/RSIbands+Weekly support all point to 10.8 but you may get a wick at most given the orderbook support across exchanges,” said popular analyst Murad Mahmudov.
Another analyst who shares similar sentiments but a bigger fall to $8,000, The Crytpomist said,
“Unpopular opinion; With the change of market structure, I expect us to put in new lows before we put in a new high.”
On zooming out, the bigger picture, however, is still intact, with Mahmudov predicting, “BTC is going to $100K per orangecoin.”
Bitcoin’s price is $62,405.02 BTC/USD exchange rate today. The real-time BTC market cap of $1.17 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $27.27 Billion and live coin value change of BTC -2.30 in the last 24 hours.