"Bitcoin" will not stay long above $ 8,000

In my last bitcoin update on July 29, I identified the $ 9,000 approach as a zone of resistance to watch. However, after getting close to it, the price of the most famous cryptocurrency has fallen since Tuesday under $ 8,000. Two reasons for that.

First, the Securities and Exchange Commission (SEC) opposed a set-aside of the creation of a Bitcoin ETF. This refusal is also not a huge surprise as the company behind this request, that of the twins Tyler and Cameron Winklevoss, had already appealed after a first refusal in March 2017. In the the same logic of regulation, as my colleague Florian Darras reminded me earlier this week, the CBOE (Chicago Board Options Exchange) has also submitted an application for ETF, which is still under review.

Then, Alphabet (NASDAQ: GOOGL) (Google) announced the ban on mining on Android smartphones. In other words, the California conglomerate will no longer allow applications that validate transactions in cryptocurrency on these terminals, officially to prevent their excessive use to undermine the risk of deterioration of batteries.

This is of course bad news, but I do not consider either that it is the end of the world since it will always be possible to remotely monitor the mining activity of his PC from his smartphone. And when we know that the heart of the mining business obviously remains computers, I tell myself that this decision is not necessarily a big catalyst of potential drop ...

A logical and healthy correction
The fact remains, however, that cryptos prices have fallen as a result of this information and that bitcoin in particular has returned below the $ 8,000 mark. Technically speaking, we see that it has ebbed away near the oblique resistance zone (visible in black dots on my daily chart).

with a "stop zero" now located in the region of entry, ie around $ 6,200 / $ 6,300. In the worst case scenario, if by chance the drop were to continue this summer, you would go out of balance position.

However, I keep in mind the hypothesis of a breach of the resistance against which currents are currently hitting. Indeed, course correction is logical and even sain to purify the movement.

An asset that "thinks" and spends time consolidating under a well-defined resistance is even statistically rather encouraging to consider going beyond a posteriori. A retracement to the $ 7,000 would not be anything dramatic and the important thing will be to see if buyers will be present in this phase to prevent bitcoin from falling back below $ 6,500.

And if that were to be the case, a rise in prices above $ 10,000 (with a probable acceleration effect above $ 8,500) would then become very possible