Bitcoin Today: How low we have to go to start to grow?

Price
Instead of the breakthrough of the Bullish Trend Line yesterday we got a rebound of this angle line and one more painful dive below the 8000.0 level. The fall stopped, and price started to pick-up at the 7800.0 level, not reaching 7600.0 (coinciding with 61.8 Fibo level support). As was stated yesterday, we could count on the turnaround only if we will see a fracture of downtrend tendency in the form of the breakthrough of the Bearish Trend Line, supported by growth in volumes. 7600.0 level should play a supportive role in case of further downward movement.

Today forecast
Trading in the 7800.0 – 8000.0 zone.

Latest news

• Alexander Vinnyk pleaded guilty to laundering money through BTC-E. A suspected BTC-E operator Alexander Vinnik was arrested while vacationing with his family in Greece.
  Interfax reports:
  Russian Alexander Vinnik, who was arrested in Greece on suspicion of laundering $ 4 billion through the BTC-e crypto exchange, confessed to Russian law enforcement agencies in fraudulent activities on the territory of the country, which caused damage of 750 million rubles.
  As noted in the document, Vinnik admitted that in the period from 2011 to 2017 as a result of his fraudulent actions, namely through money laundering, an unspecified group of Russian citizens suffered material damage amounting to 750 million Russian rubles. Besides, having access to the btc-e.com exchange, he committed fraud in the field of computer information.
  Ilias Spirliadis, Vinnik lawyer, explained that the turnout "with the guilt" could become the basis for Russia's new request for the extradition.
  Recall, earlier in May Alexander Vinnik refused to deal with the US authorities, who offered him a minimum prison sentence in exchange for the confession.
  At the beginning of the year, the employees of the Greek prison prevented a murder attempt on Vinnik, which could be related to his testimony to Russian investigators about a number of crimes in the sphere of financial technologies. It was found that the trail of the customer leads to Russia.
  
• Chilean President Considering Regulation of Cryptocurrencies. During a forum recently held by Chile’s Finance Commission of Deputies, President Marcel made comments indicating that his administration is considering developing a legislative apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Presently, cryptocurrencies are entirely unregulated in Chile, and are not legally recognized as a means of exchange or securities.
  Recall, that in March, two Chilean cryptocurrency exchanges, Buda and Crypto Mkt, had problems with banks that one by one closed accounts of exchanges.