Bitcoin price analysis: A tale of two short term charts - breakdown and resistances galore; Russian Justice ministry says cryptos are property
|- BTC breaks down on one short term chart, faces resistance on another.
- Russian Justice ministry says cryptos are a property.
Bitcoin the king, which shows too many different pictures on techical parameters time and again, has another typical pattern here wherein it has broken down of a short term support on one chart and now in this Sunday rally finds resistance on another short term chart which also has a falling wedge pattern building up. Although both signal one thing - this Sunday rally needs volumes and momentum to break past those barriers.
BTC/USD is up about half a percent at $8,267 after successfully crossing above $8,000 and staying put in last two days. 30-minute chart on BTC shows it broke down of a critical support and now finds it difficult to cross above it even as on the 180-minute chart BTC finds resistance from a descending trendline of a falling wedge which would be tough to cross past. If this falling wedge has to develop int a bullish one, price needs to fall once again towards sub-$8,000 before the next leg towards a breakout occurs.
Russia, which still hasn't regulated cryptocurrencies, in the latest debate, Justice ministry has said cryptocurrenies are nothing but a property in one of the cases concering a bankruptcy invoving modest amount of Bictoins.
BTC/USD 30-minute chart:
BTC/USD 180-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.