Bitcoin Bulls Battle $8k | SEC Delays VanECK BTC ETF

Bitcoin Bulls Battle $8k.

Bitcoin bulls battle $8k as support at $7.7k holds. Currently, Bitcoin continues to hover around the $7.9k level after a healthy pullback from $8.2k. On the daily chart above, you can see Bitcoin’s sequential indicator is currently on a green 2 of 9 candle. Therefore, sequential is telling us a bullish retest of $8.3k is still in the cards for the rest of the week.

4 Hour

Bitcoin has just flipped to a red one candle on the 4 hour chart above. A red 1 candle is too early for us to make any assumptions. It’s better to wait for a red 2 or 3 to expect a direct price movement. For the next few hours the trend remains neutral.

Weekly

Bitcoin’s weekly sequential is currently on a green 7, signifying a high likelihood of more macro upside for the next week and a half. It will be interesting if Bitcoin makes a green 9 in a week and a half. This will be another turning point to evaluate whether the macro trend will undergo a possible reversal.

Oscillators

Bitcoin’s daily RSI is in upper-neutral territory after retracing from vastly overbought levels.

Bitcoin’s NVT Ratio is still calling for a significant price drop within the coming months. Prior to the drop below $6k, Bitcoin’s NVT Ratio was in red territory for 4 months. In our current circumstance, Bitcoin’s NVT Ratio has been in red territory for only a month and a half. While many are optimistic the bull market has started, the NVT Ratio is telling us there will be a bull trap and a chance to buy a cheaper Bitcoin months from now.

Our last oscillator is the BitMEX Funding and Premium Index which acts as a counter indicator for the market as a whole. The index recently flipped into positive territory which tells us price is currently overbought. However, the timeframe is somewhat unknown.

Cryptocurrency News

The VanECK Bitcoin ETF is now delayed until August 19th, 2019. Price did not decrease as a result of the decision. Furthermore, it is safe to say the market assumed the ETF was going to be delayed. Now the SEC wants VanECK to answer a series of questions before any kind of Bitcoin ETF can be implemented.

In other news, the momentum behind the recent rally has seen a large uptick in volume coming from South Korea. Much of the excitement is a result of the South Korean government considering blockchain solutions. Most notably, the mayor of Seoul recently announced plans to incorporate blockchain technology in citizen cards. Additionally, global fiat to crypto conversion is the highest by far on the South Korean Bitcoin exchange Bithumb.

Peer to peer transactions from localbitcoins.com is now at its highest level in South Korean history.

South Korean charts come from Mati Greenspan, Senior Market Analyst at eToro & eToro Daily Market Commentary.

Conclusion

Bitcoin bulls battle $8k as volume from South Korean exchanges increase. While many speculators are hopeful an ETF will increase price, it is not something which is essential for Bitcoin’s long term success. For now, price hovers around $7.9k with the most critical resistance level remaining at $8.3k.

Disclaimer: I am not a financial advisor, nothing in this article should be considered financial advice. Please make your decisions independently. The author of the article owns Bitcoin.