There was a 2% surge on Bitcoin-to-Dollar exchange rate on Monday from 6590-fiat to 6729-fiat on bottom formation sentiment and increased institutional investments
Although, Bitcoin had encountered a consecutive week with growth and dropped at the same time confined to a specific range. On the other hand to confirm the path of least resistance 100 SMA is above the long-term of 200 SMA to the upside. Which exactly means that the uptrend is happened to start rather than reverse. Bitcoin will possibly imitate if Stochastic has some area to climb before touching overbought levels, and that of which the oscillator seems ready to head towards south.
And if that is the actual case, then the bottom of the rising channel around $6,400 or the broken triangle top can be seen before it draws the attraction.
Besides that without even hitting the overbought territory, the RSI starts turning lower, which also shows that there is a certain possibility that sellers tend to return.
However, a break down of $6,400 support can lead to a downtrend of Bitcoin while a survival to retain the channel top around $7,000 next.
As the decline in stocks is driving traders to look into alternative imparting assets like cryptocurrencies, which in turn making benefits of the bitcoin from the pickup in risk aversion. Although Google now has reversed its ban from bitcoin and ICO ads, so there may be a stronger interest in these posts from regulated entities targeting audiences in the US and Japan.
Moreover, Coinfloor, one of the oldest Bitcoin exchanges around, in London is also seeking to drop some of its staff in response to changes in trade volumes these days, which makes Bitcoin to face some opposing scenarios. And so their move could leave a significant impact over the industry outlook.
However, many still made up the fact that the bullish momentum would continue to pick up, especially if the SEC approves the bitcoin ETF applications.
- Bitcoin Cash(BCH)$293.60