Trade Ideas for bitcoin Top Cryptos: July 29, 2018
smartphone and tablet showing cryptocurrency graphs.
SEC rejects Winklevoss BTC ETF application, followed by a dramatic dissent. Here are some potential trade setups for Bitcoin & other cryptos.
The major news heading into next week for the cryptocurrency market is the rejection of the application of the Winklevoss twins for the listing of their Bitcoin ETF on the Gemini exchange. Citing reasons that border mostly on security and investor protection, the SEC’s position continues to reflect the reluctance of mainstream regulators to full embrace cryptocurrency assets as part of the financial markets that investors can put money on. The SEC's decision was followed by Hester Peirce's public dissent.
It was also announced by Paysafe Ltd that Skrill is adding wallet support for Bitcoin, Litecoin, Bitcoin Cash and Ethereum, in a move that will increase retail adoption of these four cryptos. However, this is not expected to greatly impact the market, which is still looking for institutional adoption as the major impetus for price movements.
So what is the outlook heading into the last weekend of July 2018?
BTC/USD
The decision by the SEC rejecting the application of the Winklevoss twins to launch a Bitcoin ETF on the Gemini exchange seems to have taken the steam off the actions of the Bitcoin bulls. Prices retreated mildly to as low as $7,800 before picking up steam again.
The intraday charts for the day currently show that trading volumes are quite thin, with price oscillating between the R1 pivot and the daily pivot line. Presently, price action is sitting on the daily pivot. Intraday trades have to be set up according to the behavior of the price on the pivots. If the daily pivot is broken to the downside, it is possible that price may retreat to the $8,038 level which was the daily pivot for Friday’s trading. This is also the price level of today’s S1 pivot. If the daily pivot holds firm, then we can expect a push to the R1 level of $8,261
