Bitcoin Make a Move for Bulls or Bears ?
Updated
Bitcoin Technical Overview:
XBTUSD CMP $7370
Day Trading Range: $7220 - $7542
Key Resistance: $7420 - $7475 - $7548
Key Support: $7265 - $7220 - $7139
Technical Idea for Intraday
Most Likely Scenario Long Above $7330 with extension till $7420 - $7475.
Alternative Scenario Short Below $7220 with extension till $7139- $7065
Technical Indicators:
StochRSI: Its shows Bullish gate for upside bias.
MACD: MacD still did not get full power to go up volume, Bart Pattern in MacD.
Overall,, We would expect Bitcoin to steer clear of sub-$7,300 levels should the news wires remain crypto friendly, with Bitcoin’s relatively minor gains through the early part of the week likely to limit profit taking in the middle part of the week, though investors will wary of what’s to come on the regulatory front, which continues to pin Bitcoin back from $8,000 levels and beyond.
Thanks
YoCryptoManic
For Any Question about Analysis, Please comment.
XBTUSD CMP $7370
Day Trading Range: $7220 - $7542
Key Resistance: $7420 - $7475 - $7548
Key Support: $7265 - $7220 - $7139
Technical Idea for Intraday
Most Likely Scenario Long Above $7330 with extension till $7420 - $7475.
Alternative Scenario Short Below $7220 with extension till $7139- $7065
Technical Indicators:
StochRSI: Its shows Bullish gate for upside bias.
MACD: MacD still did not get full power to go up volume, Bart Pattern in MacD.
Overall,, We would expect Bitcoin to steer clear of sub-$7,300 levels should the news wires remain crypto friendly, with Bitcoin’s relatively minor gains through the early part of the week likely to limit profit taking in the middle part of the week, though investors will wary of what’s to come on the regulatory front, which continues to pin Bitcoin back from $8,000 levels and beyond.
Thanks
YoCryptoManic
For Any Question about Analysis, Please comment.
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The European Parliament is considering new regulations to cover initial coin offerings (ICO) it’s been revealed, as the All-Party Innovation Group within the EU considered the matter at a meeting earlier this week.
A proposal was put forward to the group on Tuesday, that was penned by British Member of the European Parliament (MEP) Ashley Fox. As part of that proposal a cap of 8 million euros has been suggested for new ICOs.
Fox penned his draft report that formed the basis for the proposal this year, and it was published last month.
Said report was considered this week, and it seems that there’s a line between the EU wanting to support ICOs and innovation, and protect people from scams and fraudulent schemes.
CoinDesk reports that – and it’s not a huge surprise – no clear way forward was mapped out during the meeting. Still, Ashley Fox’s draft proposal continues to make it way through the European Parliament system, with the window for amendments to it open for another week. Once said amendments have been submitted, then the document will be open for further debate.
What is clear is that the EU is looking to put in place a legal framework for ICOs. This, in turn, would open a path to the formal regulation of cryptocurrencies and ICOs within the European Union. Ironically, Fox – one of the driving forces behind the proposals – will likely no longer be an MEP by the time the EU puts something concrete in place, given that the UK is set to leave the European Union next March.
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Bitcoin Low $6880, without any Big Bad News & cannot see in technical analysis it's called "MANUPULATION"Trade active
Big whale 11B wallet has been sold Bitcoin today, it's manipulation by one man/system without any regulation. Be aware till proper trading direction.
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