Make or break for BTC/USD?
Since we have hit 6000 support we have seen a rebound in BTC price, with a decline in short contracts of about 250 since last reported by the CFTC. We also had an interesting past week where market prices have not been affected by the SEC commission decision to denying a BTC ETF, which is a positive sign maybe showing the market could potentially mature. Having this said our position on BTC has not changed and we are still long but on the long-term, probably and hopefully by end of September we will once again reach the 10k-12k levels with the highly anticipated decision of an ETF launch at the end of September. On TA note, the current price of BTC is on key resistance level at 6800 and is struggling to break through as we also have a strong down trend resistance at the same level. If BTC were to show an upward movement it needs to break these resistances and could potentially push up to 200MA at the 7800-8000 level. It for sure needs a lot more, but this would be a positive sign that the bears are running out of steam. However if BTC fails to breach these levels, we could potentially see it testing again the 6200-5800 areas, which is very likely to happen given that the growth we have seen for the past week is not supported by higher volumes (10bilion at time of publication) and prices however have unnaturally increased, this is a sign that bulls are running out of power and bears could take control again. To conclude, short-term we will see another decline in prices if this rally fails, but on the longer term note, we could see BTC surging back to its previous highs of this summer.
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