By Thursday, September 5, bitcoin is slightly decreasing and is trading at $10 542.
At the beginning of September dramatically increased coverage of the Bitcoin network hash rate yet. He was at 87 quintillion hashes per second. This is a huge number. Earlier it became known about the increase in computing power of the network — it increased by 25% in just a week.
This information is important for bitcoin though, because the increase in the speed of hashing a positive effect on the safety performance of the network. The more processing power, the more secure is the network. Indicators can see bitcoin grow with the beginning of the year, and this is good news, says Dmitry Gurkovsky, senior analyst at RoboForex.
The theme with the launch of a bitcoin ETF, previously had lost relevance because of the long and difficult process of negotiation with the Commission securities and exchange Commission (SEC), the U.S. again comes to the fore. Two companies of the USA, it seems, found a way to circumvent the requirements of the SEC and launch a derivative for money. However, it can only be available to institutional investors. The ETF theory trades on BTC unable to open today, and the demand for it can be only banks and hedge funds. Auction start VanEck Securities and SolidX.
There is nothing illegal, because companies use a loophole in the law, the resolution to place securities through a closed subscription among buyers, qualified. It does not require approval of the regulator. The only question is whether Securities SolidX VanEck and find the right amount of buyers for your product? And will banks be willing to risk buying such an ambiguous asset.
On a weekly timeframe bitcoin continues to be the development of a medium-term correction phase. Quotes are still within the descending corridor, but observed the rise to the upper boundary. The breakout of the resistance line can be a signal of the end of correction and start of a new wave of growth. The consolidation of the rate above the resistance level $11 350 can be a confirmation for further growth to a peak of $13 857,2.
Additional supporting factors for growth is the momentum of the MACD and Stochastic. If we consider the prospects for growth, after overcoming the peak current quotes will be aimed at the level of $15 560. But to discard the option with the rebound from the resistance line and a decline to the levels of 50% ($8600) and 61.8% ($7350) at Fibonacci is not worth it.
On the daily chart, BTC/USD can observe the formation of the correctional channel in the form of “Triangle”. After rebound from the support line quotes are sent to the line resistance level of $11 350. The downward thrust of the MACD lines may indicate the potential of bounce off resistance and the reduction of re to the support level of $9318. Its break will signal to decrease to the medium-term objectives.
The 4-hour chart cryptocurrency demonstrates an upward trend in the more detailed view. Local upside target may be the $11 098 that is supported by the dynamics of the Stochastic indicator. The formation of “Black cross” on the indicator in the overbought zone will be a signal to decrease.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex and ihodl are not responsible for the results that can occur when using trade recommendations submitted reviews.
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