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BTC Bulls in the Need of ETF Approvals to Avoid Sub-$29,500
This morning, BTC gained support as the bulls attempted to snap a three-day losing run. Conversations on SEC v. Ripple and ETF news will change the dial.
1.00% less bitcoin (BTC) was traded on Tuesday. BTC finished the day at $29,956 after losing 0.40% on Monday. Notably, BTC finished the day below $30,000. This was a first since July 6.
Bitcoin Price Action (BTC)
BTC increased by 0.44% to $30,089 this morning. A volatile start to the day saw BTC rise to a high of $30,158 before falling to an early low of $29,934.
The Daily Chart:
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The 50-day ($29,379) and 200-day ($26,702) EMAs of BTC/USD remained above them, indicating bullish momentum over the short- and long-term. Notably, the 50-day EMA exhibited bullish momentum and kept moving farther away from the 200-day EMA.
By aligning with the 50-day and 200-day EMAs and signaling a moderately optimistic view, the 14-Daily RSI's reading of 50.71 supported a move through the $30,750-$31,250 resistance area to retarget $31,500.
Four-Hour Chart
Looking at the 4-Hourly Chart, the psychological level of $30,000 presents significant resistance to the BTC/USD. BTC/USD is currently trading above the 200-day EMA ($29,811) but below the $30,750 - $31,250 resistance area and the 50-day EMA ($30,398), indicating bearish short-term but positive long-term indications.
Significantly, the 200-day EMA's 50-day EMA shrunk, indicating a return to under $29,500. To target $31,500, a breakout from the $30,750-$31,250 resistance area would need to cross the 50-day EMA ($30,398).
With selling pressure outweighing purchasing pressure, the 14-4H RSI reading of 44.29 suggests a bearish posture and correlates with the 50-day EMA. Significantly, the RSI predicts a rebound to below $29,500 and near-term bearish momentum.
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