BTC/USD to decline further as EU targets Bicoin, sell on rallies

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
575 12 5
BTC/USD has broken minor support $325 and declined till $310.I t is currently trading at $314. Bitcoin             is expected to decline further as EU to put an end to bitcoin             transaction after paris attack to stop terrorism funding.

Technically it is facing strong support around $300 and any break below target $270$256 in short term.

On the higher side major resistance is around $350 and break above will take the pair to new level $370/$400.

It is good to sell on rallies around $320-325 with SL around $355 for the TP of $270/$256.
I don't believe that the EU attempting to put a stop to bitcoin transactions will have anything to do with the price. Russia attempted the same exact thing but later had to retract that law because they were unable to stop it. The EU will have the same experience. I can see bitcoin heading to 340 today and making one more dip back down before the next major pump, like it did back in 2013.
Good luck banning BTC. People switch to OTC and P2P trading then; http://coin.dance/charts/RUB
+1 Reply
No one can "put an end to Bitcoin transactions" even if they wanted to. In the meanwile USD remains the major currency for terrorism, drug trafficing, illegal guns, money laundering and other illegal activities. Maybe they should ban USD first.
+1 Reply
Here is what is actually happening: EU is going to DISCUSS REGULATION for btc, not ban it. This is actually good news in the end because it will allow for more accountability and traceability, which is what attracts institutional and retail investors.

FxWirePro rivet.popper
+1 Reply
rivet.popper FxWirePro
"The E.U. ministers will discuss plans “to curb more effectively the illicit trade in cultural goods” through new measures, Reuters reported."

No where does it say it will actually ban it. Read the article not the headlines.
+1 Reply
FxWirePro rivet.popper
They are expected to ban
rivet.popper FxWirePro
Source please?
You are just plain wrong. Regulation is NOT the same as banning. There is no other way to put it tbh.
FxWirePro rivet.popper
We expect the news (whether, banned or not banned) to create a market reaction. Market often times, do not rely on facts, but hearsay and irrational mood. The Paris fallout and the EU's regulation discussion, is expected to create a reaction for BTC.
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