Bitcoin – Moving in Stealth Mode, $6,500 the next Target

Bitcoin gained 0.59% on Thursday, following a 0.61% rise on Wednesday, to end the day at $6,406.1, its first hold onto $6,400 levels since 28^th October.

Another range bound morning saw Bitcoin move from a start to the day morning low $6,352.9 to a morning high $6,392.8 before easing back. The early moves left the day’s major support and resistance levels untested, with Bitcoin moving in sync with the broader market through the morning.

Finding support from the broader market, Bitcoin moved through to $6,400 levels with a late in the day intraday high $6,443.9, coming within range of the first major resistance level at $6,444.77 before easing back, a lack of major news giving Bitcoin little direction through the day as market experts look to provide some direction, with views on whether the much talked about Bitcoin ETFs will be approved before next Monday’s deadline and price forecasts for the next year doing the rounds.

2018 is rapidly coming to an end and there’s been no major shift in the regulatory landscape in key markets from where the Bitcoin ETFs are to be launched, which does beg the question on whether the time is right for institutional money to come flooding in.

For the bulls, the move back through to $6,400 levels will provide some relief, though Bitcoin is still down for the current week, adding to last month’s losses, in a year that some would like to forget, Bitcoin down 53.5% for the current year. Not a bad loss or those that have been in the game since the beginning, but quite dire for those who jumped onto the bandwagon that little bit too late.

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At the time of writing, Bitcoin was up 0.27% to $6,423.7, with moves through the early morning seeing Bitcoin rise from a start of a day morning low $6,406.1 to a morning high $6,456.1 before easing back, Bitcoin coming up against the day’s first major resistance level at $6,449.03, while steering clear of sub-$6,400 levels and the day’s first major support level at $6,358.03.

For the day ahead, a hold onto $6,400 levels through the morning would support another attempted breakout from the first major resistance level at $6,449.03 to bring the day’s second major resistance level at $6,491.97 into play, while Bitcoin will likely fall short of $6,500 levels on the day, barring particularly positive news hitting the wires.

Failure to hold onto $6,400 levels through the morning could see Bitcoin take a hit later in the day, with a slide through the morning low $6,406.1 likely to bring the day’s first major support level at $6,358.03 into play before any recovery. More material losses are not expected through the day, in the event of a sell-off, with investors now looking towards the SEC Bitcoin ETF decisions. The relative silence could see the SEC defer to the New Year, in hope that some progress will have been made by the G20 on the planned roll out of unified rules and regulations.

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This article was originally posted on FX Empire

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