Bitcoin Today: 8650 - the last resort.
Price
Bitcoin fell during last 20 hours to the 8650.0 level. The fell was produced by the three consecutive sell-offs every seven hours since yesterday afternoon. The fall has stopped at the 8650.0 price, major volumes lie at the 8750.0 rate which shows that there are buyers ready to buy these lows. 8650.0 level is the last borderline, the lowest price, of the April – May correctional pattern, which has been forming during the attempts to get to the 10000.0. Breakthrough of 8650.0 would send the price to test global Bullish Trend Line, which lies between 8000.0 and 8500.0 levels. To draw meaningful turnaround pattern the price will have to get back above the 9000.0 level.
Today forecast
Trading in 8650.0 – 9000.0 zone.
Latest news
Bitcoin fell during last 20 hours to the 8650.0 level. The fell was produced by the three consecutive sell-offs every seven hours since yesterday afternoon. The fall has stopped at the 8650.0 price, major volumes lie at the 8750.0 rate which shows that there are buyers ready to buy these lows. 8650.0 level is the last borderline, the lowest price, of the April – May correctional pattern, which has been forming during the attempts to get to the 10000.0. Breakthrough of 8650.0 would send the price to test global Bullish Trend Line, which lies between 8000.0 and 8500.0 levels. To draw meaningful turnaround pattern the price will have to get back above the 9000.0 level.
Today forecast
Trading in 8650.0 – 9000.0 zone.
Latest news
- Bloomberg Galaxy Crypto Index. Well-known hedge fund manager Michael Novogratz has launched a cryptocurrency benchmark index in partnership with Bloomberg. The index, designed to track the performance of the largest, most liquid coins, consists of 10 cryptocurrencies at its inception.
__“The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash.”__
The BGCI contains 30% bitcoin and ether, 14.13% ripple, 10.63% bitcoin cash, 6.11% EOS, 3.77% litecoin, 1.67% dash, 1.66% monero, and 1% ethereum classic and zcash. - RBI Crackdown Triggers Migration of India’s Cryptocurrency Industry. The crackdown on cryptocurrencies initiated by the RBI has reportedly comprised a catalyst for the migration of numerous Indian cryptocurrency companies and ICOs seeking favorable regulatory jurisdictions.
With India’s banking sector prohibited from providing financial services to businesses dealing in cryptocurrencies, many of India’s crypto companies have been left with no choice but to relocate overseas.
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