Whether to grow the bitcoin next?
Bitcoin continues a slight decline, although it remains above the support level of $7800 per coin. During the day, BTC/USD fell slightly on -0,57% and is now trading at 8086$. Interesting is how dramatically the price jumped up, at the approach to the support of $7800, this clearly indicates that there are players interested to buy the asset at lowering prices.
From the point of view of technical analysis, the price of BTC is starting to form a descending triangle, with support at around $7880 and rapidly decreasing resistance in the neighborhood of $8300-8100.
Given the fact that the investors are in the stage waiting news from the SEC on the solution of a question concerning granting the right to implementation of activities by ETF bitcoin funds, the formation of such figures as the triangle brand arguments and expected is a figure of uncertainty, when investors don’t know what to expect, directions, and the longer the wait, the more narrow a triangle, after which the abrupt switching movement, and a surge in volatility.
Many people mistakenly claim that the triangle is a trend continuation, this misconception is very dangerous, for it threatens investor losses due to wrong decisions taken.
It is understood that the output prices of the triangle can occur in any direction – in the direction of preceding movement (in this case, the upside target will be around $8800, and after her breakdown and $9800 for BTC), and in the direction of a turn (in this case, do not rule out the possibility of lowering the price to $7500, and in case of breakout of this level to $6800 per BTC).
The market’s attention focused to Bitcoin, the index of dominance which continues to grow and now stands at 48,36%. Altcoins do not show anything interesting, showing a gradual decline in the red zone. In the first ten cryptocurrencies on Coinmarketcap versions of most of the assets are in the range of 2-8%. Until the clarity of the question on ETF (deadline – August 10) this pattern is likely to persist.
“International Financial Center”