Bitcoin Today: Correction?
Price
Yesterday BTCUSD tested a 9500.0 resistance level but did not manage to hold such hight. As we see from the yesterday chart, major volume fixation started below the 9500.0 level, which is a sign that markets are not ready yet to continue its bullish trend without profit fixation. Also, the proximity of the April BTC futures closure and major resistance of 10000.0 played its role. For now, the price has retraced to the Bullish Trend Line and 9000.0 support. Breakthrough below the 9000.0 level will send the price into the deeper correctional pattern. From the upside, the 9700.0 level have to be pierced to consider further testing of the 10000.0 resistance.
Today forecast
Trading in 9000.0 – 9500.0 zone.
Latest news
Yesterday BTCUSD tested a 9500.0 resistance level but did not manage to hold such hight. As we see from the yesterday chart, major volume fixation started below the 9500.0 level, which is a sign that markets are not ready yet to continue its bullish trend without profit fixation. Also, the proximity of the April BTC futures closure and major resistance of 10000.0 played its role. For now, the price has retraced to the Bullish Trend Line and 9000.0 support. Breakthrough below the 9000.0 level will send the price into the deeper correctional pattern. From the upside, the 9700.0 level have to be pierced to consider further testing of the 10000.0 resistance.
Today forecast
Trading in 9000.0 – 9500.0 zone.
Latest news
- The Winklevoss twins’ bitcoin exchange is using Nasdaq technology to monitor for manipulation.** Gemini and Nasdaq announced today that Gemini will be leveraging Nasdaq’s SMARTS Market Surveillance technology to monitor its marketplace. The technology, which is considered the most widely deployed surveillance system in the world, will enable Gemini to monitor across all of its trading pairs, including BTC/USD, ETH/USD, and BTC/ETH. Further, SMARTS will also surveil activity across the Gemini auction process that is used to determine the settlement price for the Bitcoin XBT futures contracts that trade on Cboe’s CFE Exchange.
- Founding PayPal CEO Bill Harris claims the cryptocurrency is a colossal pump-and-dump scheme.** News sites quickly picked up Bill Harris Claim about BTC. In an opinion piece for Recode, Harris wrote: 'Bitcoin is a scam. In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen. 'In a pump-and-dump game, promoters 'pump' up the price of a security creating a speculative frenzy, then 'dump' some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds. 'The losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters.'
BTC community obviously disagrees with his opinion. And suggest that the news agencies so quickly spread this quote in an attempt to sink the price. - Andreessen Horowitz Leads the Fight to Prevent SEC From Classifying Bitcoin as Security. Financial institutions, entrepreneurs, and venture capitalists fear that regulators could designate Bitcoin and other specific cryptocurrencies as securities. Such a designation would carry an onerous oversight.
According to NY Times:
As a result, Andreessen Horowitz has assembled and is leading the Venture Capital Working Group. The New York Times reports that the Group comprises the two most significant venture capital firms in the crypto industry: Andreessen Horowitz LLC and Union Square Ventures. The group also includes lawyers from Cooley LLP, McDermott Will & Emery LLP, and Perkins Coie LLP.
The primary purpose of the group is to deter regulators from categorizing cryptocurrencies, such as Bitcoin and Ether, as securities.
In this connection, the Venture Capital Working Group met with the U.S. Securities Exchange Commission on 28 March 2018. According to the New York Times, the group also proposed a “safe harbor” for some cryptocurrencies.
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