Bitcoin Price & Technical Analysis: BTC Correcting, and No Wonder

The flagship crypto is correcting and trading around $7,578.27 Thursday.

Photo: PxHere

Photo: PxHere

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Bitcoin’s creator is still unknown
  • SEC did not approve BTC ETF’s

Craig Wright, an Australian scientist, was not the one who created Bitcoin. Who is Satoshi Nakamoto is still unknown. This conclusion was driven by the US Copyright Bureau: Wright is not the author of the Bitcoin White Paper and did not write its first core code.

Wright issued his claim a few days ago, and could suffer a $2,500 penalty, this was not actually the case.

Meanwhile, the SEC did not approve Bitcoin ETF’s designed by VanEck and SolidX. The deadline has been postponed once again, now for 90 days, till August 19. The commission might put it off for another 90 days, though, thus making its final decision on October 18.

The SEC is unsure of the possible security and manipulation issues that may damage investors’ portfolios. Whenever a positive decision is taken, the crypto market might be heavily boosted, fundamentally.

On W1, the BTC stopped rising after reaching 38.20% Fibo, or $8,525. This might well be just a short term correction, and the price could soon reach the 50% target, or $10,170. Indeed, a rise in the midterm is quite probable, with the Stochastic having formed a golden cross. On the other hand, the MACD lines are headed down, which means the market is still uncertain and not ready to make a new bullish move.

Photo: Roboforex / TradingView

On D1, one can also see the short term correction going on, with the price ready to make another downward move, probably heading to 38.20% and 50% Fibo, or $6,436 and $5,846, respectively, with the resistance being at $8,365.70.

Photo: Roboforex / TradingView

The same correction can be seen on H4, where the Bitcoin is close to the major channel middle line; once the latter gets broken out, the price is likely to continue going down.

Photo: Roboforex / TradingView


Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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