Bitcoin, Ripple And Ethereum Levels To Watch After The SEC Blow

  • The US SEC decided to postpone a decision on approving an ETF to 2019
  • The move sparked a fresh sell-off, with Bitcoin, Ethereum, reaching new lows.
  • Here are the levels to watch according to our proprietary technical tool.

The US Securities and Exchange Commission (SEC) decided to delay, once again, its decision on a request for an Exchange Traded Fund (ETF) for Bitcoin. The request, made by SolidX Partners and asset manager Van Eck had a deadline of December 29th but was pushed back to around February.

A Bitcoin ETF would enable mainstream investors to jump into the world of cryptocurrencies. Delays have been key adverse drivers of prices of digital coins during 2018. Some other applications were rejected, but this specific high profile one suffered endless delays.

Bitcoin lost the previous trough seen on November 24th, Ethereum fell below $100, and Ripple also suffered a downfall, albeit did not hit new yearly lows.

Here are the levels to watch on Bitcoin, Ethereum, and Ripple.

BTC XRP ETH December 7 2018 technical confluence

BTC/USD low point is below $3,000

The previous trough for Bitcoin was $3,456 and recorded in late November. It now turns into resistance as we see a cluster of not only the monthly lows but also the previous 4h-High, the Simple Moving Average 10-1h, the Pivot Point one-month Support 1, and the Bollinger Band 4h-Lower.

Some support awaits at around $3,295 where we see the PP one-day S1, the BB 15m-Lower, and the BB 1h-Lower.

There are several support lines spread out on the way down but the most significant level to watch is only at around $2,975 where we find last year’s low, followed by the Pivot Point one-week Support 2.

If BTC/USD overcomes $3,466, the next cap to watch is $3,580 which is the convergence of the SMA 5-4h, and the BB 1h-Middle.

ETH/USD targets $75 but has support beforehand

Ethereum has lost its second-place status and fell below $100. It faces quite a few hurdles before the round number.

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