Good week for the Bitcoin and the market the cryptocurrencies in general.
The Bitcoin, the cryptocurrency that has 55% of capitalization of the entire market, managed to overcome the long-term downtrend that it brought from the end of 2017, early 2018. This sharp drop in Bitcoin led to it losing almost 70%. % in dollars, this if we take into account that it came to quote at 20,000 dollars, and then descend to 5,700 dollars.
The Bitcoin managed to overcome the long-term bearish channel with volume, causing the price to exceed the 50-day moving average. In Monthly the graph shows a recovery, RSI giving purchase just like the MACD. In weekly there is a bearish divergence, the RSI giving strong purchase and the weekly sale. There is also a clear channel recovery in the Bollinger Bands, so we can assume that the price will fall until it can reach the 20-day average and continue its path upwards.
Possibly the recovery of Bitcoin, as well as the recovery of the entire market of cryptocurrencies has taken place by several positive news.
The main news is the rejection of the bitcoin ETF by the Gemini group, the Securities and Exchange Commission of the United States in its statement of July 25 expressed that will be issued on the other ETF in September, this is taken as a good news since there was no rejection of the main investment funds that seek to launch their ETFs on the market. In addition, among the five firms that seek to launch this asset, one of them is driven by the New York Stock Exchange (NYSE).
The SEC reported whether they cast or rejected on five ETFs in September, these children Direxion Daily Bitcoin Bear 1X Shares, Direxion Daily Bitcoin 1.25X Bull Shares, Direxion Daily Bitcoin 1.5X Bull Shares, Direxion Daily Bitcoin 2X Bull Shares and Direxion Daily Bitcoin 2X Bear Shares.
The funds are waiting for approval since January of this year.