Bitcoin was growing steadily for the last three days, holding above the Bullish Trend Line and even spent some time above the 7000.0 level. Today, after reaching 7200.0 price BTCUSD faced a large sell volume and fell to 6700.0 level canceling all past gains. For now, 6650.0 level looks like to play a support role and 7200.0 level from the upside will be a resistance.
Today forecast: Trading in 6650.0 – 7200.0 zone; Break below the 6450.0 level will lead the price to the 6000.0 low.
Latest news:
Today forecast: Trading in 6650.0 – 7200.0 zone; Break below the 6450.0 level will lead the price to the 6000.0 low.
Latest news:
- Bitmain releasing ASIC for ETH. The Antminer E3 has recently launched with the specific intent of targeting ethereum’s algorithm. In a developer meeting on Friday, Vitalik commented: “Getting everybody to upgrade is likely to be fairly chaotic and detract from more important things. So, at this point I personally lean quite significantly towards no action.” Given that ethereum will be switching from PoW to PoS eventually, mining concerns would seem to be minor concerns for the ethereum founder.
- Twitter closed @Bitcoin account. Twitter handle @Bitcoin, which used to promote Bitcoin Cash (BCH), has been suspended and subsequently deleted following users' complaints, reports said. A post on sub-Reddit /r/Bitcoin said, "Twitter has finally suspended the compromised '@Bitcoin' account." According to Roger Ver, a crypto entrepreneur and major proponent of Bitcoin Cash, the suspension of the account is the death of free speech.
- Bitcoin ban in India. Last week, the Reserve Bank of India (RBI) released a statement that regulated entities such as banks are not to do business with any entities that deal in virtual currencies like Bitcoins. It stated that virtual currencies raise concerns of consumer protection, market integrity, and money laundering, and so entities regulated by the RBI shall not deal with individuals or businesses dealing with virtual currencies. This is in line with earlier announcements - as early as September last year, before the Bitcoin surge, the RBI had said that it is not comfortable with Bitcoin. More recently, at the start of the year Finance Minister Jaitley had said that Bitcoin is not legal tender in India, and the Finance Ministry had likened cryptocurrencies to Ponzi schemes.
