Bitcoin has been in recovery mode in the last ten days or so but has now reached a trendline that formed from two previous high points. At around $10,900 right now we could see another test of this line and if technical analysis is to be trusted – a sharp move either up or down could follow. Here to discuss the chances of this happening is trading expert David Jones. He shows us the support and resistance levels at play in this situation and puts into context the news from around the world about regulation, central bank opinions about whether Bitcoin is a failure and renewed interest in South Korea. […]
The last week has seen one of the most serious drops for Bitcoin ever since the flagship cryptocurrency entered the mainstream. Several support levels were broken withing days of each other and right now it’s trading at 7703 after bouncing up from yesterday’s low at 5970. A lot of news has been accompanying this selloff – the largest U.S. banks banned cryptocurrency purchases with their credit cards, the UK imposed the same barrier at almost the same time. More regulation does seem to be on its way in the western economies but at the same time governments in Singapore and Australia have shown no signs of any unease with the […]
0 It’s been another week of ups and downs for Bitcoin but overall the larger bearish trend has continued. No new highs have been registered and there is a support level that has had a couple of tests and could be seen again if the downward momentum continues. That support lies at 9150, which was touched on the 17th of January. If selling continues and it’s broken, then a further down move to 8400 could also materialise. Trading expert David Jones also discusses the latest news from South Korea where authorities have clarified their requirements for trading bitcoin and cryptocurrencies in general. They won’t be banning it altogether but rather […]
