Bitcoin and other major cryptos’ bullish momentum shrinks below 7-DMAs on languishing hopes of ETFs approval

Crypto Trader, Mati Greenspan, Senior Analyst at eToro, came up with his opinion that it is unlikely to get a Bitcoin (BTC) ETF by the end of 2018. However, the optimistic still lingers about the approval of Bitcoin (BTC) ETF in the first quarter of 2019.

While Kin-Wai Lau, Fatfish Internet Group CEO, mentioned during interview with CNBC in the recent past, that the Securities and Exchange Commission (SEC) would ultimately approve BTC ETFs in the days to come as this is just the matter of time to decide as to which organisation will be able to come out with comprehensive tools in terms of monitoring, surveillance, and ability to liquidity. there is a range of tools that need to be equipped, but it’s also readiness of the market. 

BTCUSD on daily plotting, BTCUSDforms hanging man and bearish engulfing pattern candles at $8,179.5 and $7,731.3 levels respectively.

Ever since then, the price has constantly been dipping below DMAs and for now, plunged below $7,000 mark. BTC bears hamper previous bullish sentiment at stiff resistance, bearish engulfing & hanging man patterns plummet prices below DMAs, more slumps on cards upon bearish crossovers.

BCHUSDtrend slides through sloping channel, shooting star & hanging man pop up at channel resistance, while the leading oscillators (both RSI & stochastics curves) signal bearish momentum, and the trend indicators signal downswings to prolong further.

ETHUSDtrading at $404 mark as the bears shrug off bullish patterns such as, hammer & doji candles while downtrend continues below DMAs with extended bearish potential.

For both the cryptocurrency pairs, we could foresee more dips as the bearish crossovers on DMAs and MACD are traced out. 

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -135 levels (which is bearish), while hourly USD spot index was at 93 (bullish) while articulating (at 14:07 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex