2019-1-14 17:44 |
Latest Bitcoin News
Crypto and Bitcoin prices are all over the place. Volatility is back and after temporary weeks of consolidation above the $5,800–$6,000 support—now important resistance level, November double-digit losses redefined short-term Bitcoin price trajectory. While traders are overly bullish despite losses and rejection of higher highs above the $4,500 mark, there is hope more so from a fundamental point of view.
Altogether, Bitcoin is an innovative solution that not only is a service to the unbanked–allowing for fast and cheap cross border settlement, but it also doubles up as a store of value and a medium of exchange. Other than that, it is an asset where arbitrage—read Kimchi Premium and normal price fluctuation provides a livelihood for traders as well as investors.
Read: Bitcoin Fundamentals Were on Full Display During the Rigid Crypto Bear Market of 2018
It may be because of this fluctuation that traditional economists are convinced that BTC is not good “money” as it is not stable enough and the SEC and the CFTC should see through full adherence. However, reports have it that the US congressman, Darren Soto of Florida’s ninth district is of the opinion that regulation of cryptocurrencies including Bitcoin should fall squarely in the hands of the CFTC.
Meanwhile, the US Securities and Exchange Commission should go ahead and ensure full compliance on matters securities. In his view, securities laws are stringent and unless otherwise digital assets are classified as securities, the CFTC should be mandated to oversee compliance.
Also Read: Bitmain Crypto Mining Juggernaut is Facing an Uncertain Future With Ongoing Crypto Bear Market
There is a general feel across the US that the country may be falling behind market leaders like Japan and South Korea on matters blockchain and cryptocurrency. Part of narrowing this tech gap involve formulating policies that aside from protecting consumers as required foster innovation.
Bitcoin (BTC/USD) Price AnalysisAll in all, last week was bloody and because of Jan 10 double-digit losses and rejection of higher highs above main resistance and psychological at $4,500 mean sellers are prime position after yesterday’s close below our previous support—now resistance line at $3,700.
From the chart, yesterday’s meltdown means BTC prices are now trending below the base of our bull flag. Besides, there is a full bear bar below $3,700 hinting that the overlying momentum is backed by a strong market participant.
Nevertheless, bulls are still optimistic and looking at the high volume bull bar of the week ending Dec 23. Bears are yet to claw back those gains and in an effort versus result scenario, breaks below Dec 2018 lows at $3,220 will break the back of resilience.
In that case, BTC may dip towards $3,000 and even the $1,500 mark. However, if there is support between now and $3,220—probably at the $3,450 level marking the 78.6 Fibonacci retracement level of Dec 2018 high low, we expect a rally back to $4,500.
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Opinions are those of the author. Do your Research.
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