Bitcoin has formed lower highs and is preparing for another test of support around $ 5 800, possibly ready for the formation of a downward triangle. A rebound can lead to a resistance test, this time around $ 6400.
The 1 100SMA is still above the long-term 200 SMA to indicate that the path of least resistance is up. In other words, the support is more likely to stick than break. However, Bitcoin fell below these levels, indicating that selling pressure is mounting.
The RSI flew out of the oversold area to signal a return to bullish momentum, while the Stochastic is already on the move to show that buyers are regaining control. Once both oscillators have gained overbought levels and retreated, bearish pressure may return and lead to a break in support.
Notice that the triangle diagram ranges from $ 6000 to $ 10 000, which is $ 4000 high. A break in support can lead to a fall of the same size, and a rally past the top of the triangle can also push it to the same height.
 On Sunday, SEC issued an order to suspend trading on the stock notes of Bitcoin Tracker One and Ether Tracker One issued by XBT Provider AB, which is a subsidiary of CoinShares Holdings. This suspension should begin at 5: 30 evenings. EDT 9 September 2018 years, until 11: 59 evenings. EDT 20 September 2018.
According to the regulator in his official order, there is “confusion among market participants” regarding the nature of financial instruments, and the suspension was “in the public interest” to ensure “investor protection”.
This once again aggravated hopes that the regulator could decide in favor of Bitcoin ETF applications, pending a decision at the end of this month, which is likely to delay the expected rebound in a year.