News Analysis
Dan Morehead, CEO of hedge fund, thinks that investors are overreacting to bitcoin news. He said this after BTC collapsed after SEC delayed the decision. He thinks that the currency has a great potential even without ETF. Dan said that the last thing approved by SEC was copper and it has been on earth for 10,000 years.
Cryptocurrency is very early-stage field so people shouldn't react on SEC decisions in such way. However, news background should be taken into account to understand the psychological mood on the market.
Volume Analysis
Trading volumes are still high. Volumes at red candles are larger than at green ones.
Support/Resistance Level Analysis
Timeframe: 1H
The support was formed yesterday at $6,450 (blue line). But bears broke it and now are at $6,200 (green line). The resistance was formed at $6,350 (red line).
Timeframe: 1D
Bears met the support at $6,250 (green line). The resistance is formed at $6,800 (red line).
Indicator Analysis
Timeframe: 1H
RSI left the oversold zone and now is moving above 40% mark.
The rate is near the average Bollinger band but it couldn't be in the top part, there was a bouncing off.
Timeframe: 1D
The order book is symmetrical.
RSI is near 30% mark.
The price is near the bottom Bollinger band.
Indicators prove the continuance of the bearish trend.
Action Plan
Yesterday bears were strong enough to make one more impulse. But the correction began after such sharp collapse. The correction will continue since all indicators are near their bottom lines now.
Dan Morehead, CEO of hedge fund, thinks that investors are overreacting to bitcoin news. He said this after BTC collapsed after SEC delayed the decision. He thinks that the currency has a great potential even without ETF. Dan said that the last thing approved by SEC was copper and it has been on earth for 10,000 years.
Cryptocurrency is very early-stage field so people shouldn't react on SEC decisions in such way. However, news background should be taken into account to understand the psychological mood on the market.
Volume Analysis
Trading volumes are still high. Volumes at red candles are larger than at green ones.
Support/Resistance Level Analysis
Timeframe: 1H
The support was formed yesterday at $6,450 (blue line). But bears broke it and now are at $6,200 (green line). The resistance was formed at $6,350 (red line).
Timeframe: 1D
Bears met the support at $6,250 (green line). The resistance is formed at $6,800 (red line).
Indicator Analysis
Timeframe: 1H
RSI left the oversold zone and now is moving above 40% mark.
The rate is near the average Bollinger band but it couldn't be in the top part, there was a bouncing off.
Timeframe: 1D
The order book is symmetrical.
RSI is near 30% mark.
The price is near the bottom Bollinger band.
Indicators prove the continuance of the bearish trend.
Action Plan
Yesterday bears were strong enough to make one more impulse. But the correction began after such sharp collapse. The correction will continue since all indicators are near their bottom lines now.