Bitcoin Price Weekly Analysis – BTC/USD Decline Looks Fake?
Key Points
-Bitcoin price saw a lot of swing moves recently against the US dollar due to the SEC verdict to list Bitcoin ETF.
-The price was rejected completely near a bearish line on the 4-hours chart (data feed from SimpleFX) of BTC/USD near $1184.
-However, the price is losing the steam, and remains at a risk of a downside move.
-Bitcoin price made a sharp downside move after the SEC predict on ETF, but is this decline in BTC/USD real or fake?
Bitcoin Price Downside Move and ETF Decision
There was a major event lined up recently, as the U.S. Securities and Exchange Commission announced their verdict to list the Bitcoin ETF. They decided against, and disapproved the request, which produced a sharp downside move in Bitcoin price. The BTC/USD pair was earlier seen trading close to $1200, but after the decision, the price declined. A new downside wave was initiated, as the price moved from the $1184 high to the $1061 low.
Full Read Here:
http://www.newsbtc.com/2017/03/12/bitcoin-price-weekly-analysis-btcusd-decline-looks-fake/
