Bitcoin Today: Maybe take-off at the second attempt?
Updated
Price
As was expected BTCUSD price has reacted on the Bullish Support level and jumped off with high volume. Nonetheless, 7600.0 level stopped the growth, and the price dropped back to the support. For now, bitcoin price is trading on the Bullish Trend Line, a little higher than it was yesterday. As the Trend Line is leaning towards the 7600.0 resistance, the breakthrough of one of the lines is inevitable in near term. Breakthrough below the 7000.0 level will confirm the breakthrough of the bullish tendency and send BTCUSD to the lows at 6000.0 level. From the upside, fast growth through 7600.0 – 8000.0 zone accompanied by high volumes would be a sign that Buyers found a bottom and ready to buy in with a new power. The most probable forecast for today – low amplitude lateral movement.
Today forecast
Trading in the 7000.0 – 7600.0 zone.
Latest news
As was expected BTCUSD price has reacted on the Bullish Support level and jumped off with high volume. Nonetheless, 7600.0 level stopped the growth, and the price dropped back to the support. For now, bitcoin price is trading on the Bullish Trend Line, a little higher than it was yesterday. As the Trend Line is leaning towards the 7600.0 resistance, the breakthrough of one of the lines is inevitable in near term. Breakthrough below the 7000.0 level will confirm the breakthrough of the bullish tendency and send BTCUSD to the lows at 6000.0 level. From the upside, fast growth through 7600.0 – 8000.0 zone accompanied by high volumes would be a sign that Buyers found a bottom and ready to buy in with a new power. The most probable forecast for today – low amplitude lateral movement.
Today forecast
Trading in the 7000.0 – 7600.0 zone.
Latest news
- Bitcoin Gold Hacked for $18 Million. It appears Bitcoin Gold (BTG) has been double spend attacked over and over again, totalling something in the neighborhood of $18 million at current prices. BTG forums seem to have been tracking the hack, going as far back as last week, monitoring the controversial coin’s hashrate, ultimately determining a 51% attack was under way.
- US Justice Department Investigates Price Manipulation in Bitcoin Market. The US Department of Justice (DOJ) has reportedly launched a criminal investigation to determine if big money traders are manipulating the prices of Bitcoin, Ether and possibly other cryptocurrencies. The illicit trade tactics that the DOJ is looking into include spoofing and wash trading, and federal prosecutors are working in collaboration with the Commodity Futures Trading Commission (CFTC) on the investigation, this according to “four people familiar with the matter” cited by Bloomberg.
US authorities are reportedly concerned that cryptocurrency markets are prone to manipulation for some reasons including doubts that all trading venues are on the lookout for fraudsters, massive price swings that make it possible to steer valuations and a lack of strong regulations on crypto exchanges.
While many will surely applaud the DOJ for its diligence in protecting crypto investors, skeptics might wonder if US authorities are not doing this also in an effort to further cool the market down by frightening investors. They are not generally known to be welcoming toward the field, and only recently it was revealed that American regulators also took part in a crackdown on what they call “fraudulent ICOs and crypto-asset investment products.”
Note
One more iteration inside boundaries Bullish Trend Line and 7600.0 level. The price holds on to the Bullish Trend LIne, One of these borders should be pierced soon.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.