Bitcoin Today: BTC reached Global Bullish Support
Updated
Price
Bitcoin is falling for the fourth day in a row, breaking major support at 8000.0. Yesterday the price briefly stopped at 7600.0 but did not find sufficient support and continued falling. Global Bullish Trend Line, conducted through the 2017 lows, 2018.02.06 and 2018.04.01, lies between 7000.0 and 7600.0 levels. Breakthrough of this support could change the overall bullish bias of BTCUSD chart. Nonetheless, the 7000.0 – 7600.0 zone is definetely have a strong supportive value. If the turnaround in the current scenario is possible, it should happen somewhere between 7000.0 and 7600.0. Breakthrough of the 7600.0 level could be valued as a beginning of turnaround pattern. Breakthrough of 8000.0 should bring more confidence to bulls.
Today forecast
Trading in the 7000.0 – 7600.0 zone.
Latest news
Bitcoin is falling for the fourth day in a row, breaking major support at 8000.0. Yesterday the price briefly stopped at 7600.0 but did not find sufficient support and continued falling. Global Bullish Trend Line, conducted through the 2017 lows, 2018.02.06 and 2018.04.01, lies between 7000.0 and 7600.0 levels. Breakthrough of this support could change the overall bullish bias of BTCUSD chart. Nonetheless, the 7000.0 – 7600.0 zone is definetely have a strong supportive value. If the turnaround in the current scenario is possible, it should happen somewhere between 7000.0 and 7600.0. Breakthrough of the 7600.0 level could be valued as a beginning of turnaround pattern. Breakthrough of 8000.0 should bring more confidence to bulls.
Today forecast
Trading in the 7000.0 – 7600.0 zone.
Latest news
- The US has reportedly opened a criminal probe into market manipulation of bitcoin and other cryptocurrencies. The US Justice Department has reportedly opened a criminal probe into potential market manipulation of bitcoin prices, according to a Bloomberg report.
Bloomberg reported that the Justice Department is working with the Commodities and Futures Trading Commission (CFTC), which oversees cryptocurrency derivatives, to investigate potential market manipulation.
The investigation is said to focus on "spoofing" — where false orders are placed on exchanges and then withdrawn to manipulate prices — in an attempt to lure other people into buying or selling and "wash trading," where market participants trade with themselves to create the illusion of market activity.
These kinds of activities allow bad actors to manipulate the price of assets in their favor. Spoofing and wash trading are illegal in mainstream regulated markets such as equities and futures. - Indian Government Considering 18% Retroactive Tax on Crypto Trading, Mining. The government of India is reportedly considering levying a type of consumption tax on cryptocurrency trading and even mining. The most grievous part of this proposal is that it may also be a retroactive measure, demanding payments for past actions.
The Indian Central Board of Indirect Taxes and Customs is working on a proposal to impose an 18% tax on cryptocurrencies. The proposal will be considered by the Goods and Services Tax (GST) Council once it will finalized, “people with direct knowledge of the matter” told Bloomberg.
The Indian government is now considering that the tax on crypto will be applied retroactively since the start of the GST system, according to the same anonymous sources cited above. The meaning of this is that people will have to pay for actions they took about a year or so before the new policy, assuming it will be decided on in a couple of months.
Note
Good volumes on positive movement went in. So far looks promising.
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