Bitcoin Today: No 10x run until the breakthrough of 7000
Price
BTCUSD managed to find a support at the 6450 level yesterday and took-off breaking above 6600 on the way. Now bitcoin is testing 6800 level, which was the turning point for the last bullish movement, overcoming this level will lead the main currency to the highly resistive area 6800 – 7000, which also contains the 100-days EMA. Breakthrough of this area will require higher volumes and momentum, otherwise, we will expect to see a rebound or at least a stumble inside this zone. For now, as the price bounced-off the 6800 level the main goal for the bullish view is to stay above 6600. While news sources filled with positive forecasts and promises of 10x growth, opening long positions still looks risky, as none of the main resistance levels has been passed (100-day EMA and 7000 level). Today important boundaries: 6600 as a support and 6800 as a resistance, break below 6600 will return the pair into a correctional pattern.
Today forecast
Trading in the 6400 - 6800 zone.
Latest news
BTCUSD managed to find a support at the 6450 level yesterday and took-off breaking above 6600 on the way. Now bitcoin is testing 6800 level, which was the turning point for the last bullish movement, overcoming this level will lead the main currency to the highly resistive area 6800 – 7000, which also contains the 100-days EMA. Breakthrough of this area will require higher volumes and momentum, otherwise, we will expect to see a rebound or at least a stumble inside this zone. For now, as the price bounced-off the 6800 level the main goal for the bullish view is to stay above 6600. While news sources filled with positive forecasts and promises of 10x growth, opening long positions still looks risky, as none of the main resistance levels has been passed (100-day EMA and 7000 level). Today important boundaries: 6600 as a support and 6800 as a resistance, break below 6600 will return the pair into a correctional pattern.
Today forecast
Trading in the 6400 - 6800 zone.
Latest news
- Zebpay, one of the largest cryptocurrency exchanges in India, shuts down
Launch in 2015, Zebpay quickly became one of India’s most-downloaded bitcoin wallet and exchange apps. Zebpay got about a million downloads on Android platform during 2017.
On its website, Zebpay indicates it has 3 million users using its iOS and Android apps, with support for 20 cryptocurrencies and 22 trading pairs.
From the Zebpay announcement:
“The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”
Rumored to be in talks to raise an additional $4 million in funding at one stage, Zebpay is now stopping all exchange services at 16:00 local time on Friday. The move is a direct consequence of a crippling policy introduced by the Reserve Bank of India (RBI), India’s central bank, to force all regulated financial institutions – including banks – from offering services to the domestic cryptocurrency industry.
“We are stopping our exchange. At 4 PM today, we will cancel unexecuted orders & credit your coins to your Zebpay wallet. No new orders will be accepted. The Zebpay wallet will work even after the exchange stops.” - @ Zebpay
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