Bitcoin BTC-USD Price Action-Bulls Looking Weak 8-6-18

Bitcoin (BTC) Price Watch: Last Chance for Bulls?

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This basically means that it’s more likely for the uptrend to resume than to reverse.

However, bitcoin price is below the 200 SMA dynamic inflection point to signal weaker bullish pressure.

Price is still within the area of interest or former resistance around $6,800 to $7,000, which might hold as support from here. A rising trend line can also be drawn to connect the lows since the third week of July.

RSI is already turning higher after indicating oversold conditions and showing a bit of bullish divergence. This means that buyers are ready to return and push bitcoin price back up.

newsbtc.com/bitcoin-btc-price-action-8-6-18

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Bitcoin Chart 8-6-18 BTC USD

Bitcoin Chart 8-6-18 BTC USD

Bitcoin could come to your retirement account, thanks to Starbucks’ crypto venture

Starbucks going all-in on cryptocurrency is “the biggest news of the year for bitcoin” — because it paves the way for a bitcoin ETF, according to BK Capital Management founder Brian Kelly.

Starbucks, the Intercontinental Exchange (ICE), Microsoft and BCG, among others, announced on Friday they are working to launch a new company called Bakkt.

Along with enabling consumers to use bitcoin and other cryptocurrencies at Starbucks, Bakkt will leverage Microsoft cloud to create an open and regulated, digital asset ecosystem, ICE announced on Friday.

cnbc.com/bitcoin-401k-starbucks

About the Author

Pete is a full-time trader and mentor since 2000. Author of Equity Trader 101 and the Order Flow Method. He is dedicated to help self-directed traders to bust through the six-figure level.

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