BTC/USD Daily — August 8th, 2018

The BTC/USD Daily report for August 8th, 2018

The 1 day range for BTC is $6360.5 – $6720.1. It is currently down 3.85% in the last 24 hours.

Today’s BTC/USD Headlines

Bitcoin Price in Free Fall After SEC’s ETF Delay

“The United States Securities and Exchange Commission (SEC) has decided to delay the decision to approve a Bitcoin ETF until September 30, 2018.”

The SEC decision wiped away $9 billion Bitcoin value today

.”Cryptocurrency markets fell as a result. Bitcoin was down around 4 percent from 24 hours ago at 10:45 a.m. New York time, trading at just under $6,500, according to data from CoinDesk. It’s value had fallen over $9 billion.”

Speculators, Not drug dealers, dominate BTC now

“The ratio of legal to illegal activity in Bitcoin has flipped, according to Lilita Infante at the U.S. Drug Enforcement Administration.”

BTC/USD Trading Technicals

Technicals from Tradingview.com

Well, there’s not much to say today. BTC/USD is down over 3% in the last 24 hours, and down nearly 5% in a slightly longer window. Many are putting blame on the SEC’s decision to postpone an approval (or denial) of the last and strongest contender for a Bitcoin ETF. That’s probably the catalyst, but we’ve seen BTC prices slide for months now and this is just another reason to see it go down. It’s discouraging to see this news break BTC’s value more than the Bakkt announcement enhanced it, but the market wants to see something like an ETF, boosting BTC into a legitimate place amongst regulated investment and trading.

BTC/USD Trading Charts

Since it’s such a strong SELL day, we’re looking for T.A. that might illuminate a “bottom”. This chart by analyst regalia might help as well; as the text of the chart insists there are still profitable trades to be made in zones here.