Bitcoin stormed pass $7.6’s supposed to be resistance line on Monday morning (Europe time) and gained more than $300 in value for less than 10h, touching $7800 before slowly dropping back to $7700.
If not out of steam, BTC’s next stop is $7800 level, and then the psychological barrier at 8k. The biggest cryptocurrency definitely shows signs of steady recovery with buying volume surpassing selling volume by each day.
Problem here is with the RSI reaching overbought state which might be a problem for further non-correctional movements upwards
On Monday we also saw a record volume on CME bitcoin futures. This activity might be adding additional fuel to the bitcoin engine at least for its short term movement.
On Tuesday morning (Europe time) we saw BTC flirting with the 8k resistance line and actually going above it for a short period at about 07:46 CET. Bitcoin was up 4% since Monday. Top ten coins all went red except for Litecoin and Monero with gains of little below 2%
On Wednesday, as expected, BTC managed to break 8k psychological barrier and also 8.3k, stopping at $8400. Overall market cap once again hit $300b mark with BTC trading volume doubling from last week (from 3b to 6.8b). Bitcoin dominance is now 46% as per Coinmarketcap data. Next stop will be $8800 line before setting an eye on 9k.
As mentioned, however, we expect a slight correction and profit taking mainly due to overbought RSI indicator and the fact that the SEC will postpone its bitcoin ETF launch decision. We will slow down and consolidate before preparing for another wave.
Another possible scenario is for alt coins to continue dropping, transferring money to BTC and keeping its run for a little bit longer.
In the meantime the SEC will most probably delay its decision on the VanEck/SolidX commodity-backed bitcoin ETF until September. According to other sources the ETF launch on CBOE will be no earlier than February 2019.
“”The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.”
Source: http://www.coindesk.com/sec-delays-decision-on-direxions-bitcoin-etfs-until-september/amp/
In the recent days miners sold more coins than they mined, according to data from Cryptocomposite.com, a soon-to-be-launched analytics provider. Miners sold $17.3 million of coins, while they earned around $14.4 million, the company said.
While miners often sell newly minted coins to meet operating expenses such as electricity to run their networks, some observes say the extent of the sales could mean that the miners don’t anticipate Bitcoin will keep appreciating.
South Korea’s Financial Services Commission (FSC) is planning some serious reorganizations in the way it currently operates. The institution is creating a plan “to lead financial innovation in the coming Fourth Industrial Revolution era. It it will help nurture Korea’s fintech industry, mostly covering the nation’s cryptocurrencies and blockchain technology.” To be able to do that, the FSC is creating Financial Innovation Bureau that will be responsible for “Financial innovations, financial services using fintech or big data and responses to new developments and challenges such as cryptocurrencies.”
Samsung Stores in the Baltic Countries of Latvia, Estonia, and Lithuania start accepting cryptocurrency payments. Samsung is now accepting bitcoin (BTC), litecoin (LTC), ethereum (ETH), dash (DASH), ripple (XRP), NEM (XEM) and steem (STEEM) in its Baltic region stores.
“Customers in Tallinn, Riga, Vilnius and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money.”
Samsung will soon start to accept payments in digital currencies in other regions as reported by bitcoin.com
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