Bitcoin tumbles below DMAs with sharp shooting star as SEC declines series of ETF proposals – Bid CME BTC futures of mid-month tenors to hedge

Today, although BTCUSD prices have attempted to bounce back from the lows of $6,350 levels to the recent highs of $6,502.6 levels, a sharp shooting star has occurred yesterday at $6,363.80 levels to signal bearish sentiment on the news of US SEC’s rejection of series of ETF proposals from three different companies.

ETF provider Direxion proposed to list and trade five bitcoin ETFs, while GraniteShares and ProShare presented two each, all of which were denied by the SEC at this juncture. 

Well, on the flip side, while Lou Kerner, co-founder of CryptoOracle, which delivers cryptocurrency advisory services and functions a venture fund focusing on decentralized technologies, reckons that this crypto will render superior service over other asset class and most likely to occupy gold’s place as the top store of value, during the recent interview with CNBC. Gold, so far, has been the safe haven and the global store of value for ages, but one cryptocurrency-focused venture capitalist ponders bitcoin will eventually capture that mantle.

Thereby, this marks the subsequent stride in the institutionalization of cryptocurrencies and accessing the market to investors like those that invest in traditional markets.

Technically, BTCUSD has constantly been sliding ever since the occurrences of hanging man patterns at $8,179.5 levels. The bears have been evidencing considerable price slumps below DMAs (refer daily plotting).

On the contrary, the pair has been holding stronger at $5,755 levels since last couple of months. Consequently, the bulls have attempted to bounce back above 21-DMAs.

Overall, the trend still seems to be edgy, and for those dubious on potential dips who are holding BTCs, on hedging grounds good to add shorts in CME BTC futures contracts for September delivery with a view of arresting upside risks at any time.

Currency Strength Index: FxWirePro's hourly BTC is inching at -50 (which is bearish), USD spot index is flashing at -56 levels (which is bearish), while articulating (at 08:01 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex