Bitcoin price analysis: Drifts further lower, $8,000 in sight; SEC open to regulatory sandboxes on ICOs
|- The sell-off continues in BTC, now closer to $8k.
- U.S. SEC "open to regulatory sanboxes" on ICOs.
The largest cryptocurrency, Bitcoin continues Friday's sell-off and is now closer to $8,000 in a crash that has resulted in prices drifting more than $1,000 within a week and has given up on the crucial support of 23.6 percent retracement, placed at $9,168. This brings back the doubt in investors' minds - Was it only a recovery in an ongoing correction or a new bull market last month?
BTC/USD now down a percent at $8,315, but recovered more than a percent from day's low of $8,220.49. Commisioner of the U.S. Securities and Exchange Commission, Hester Peirce in her speech earlier this month, indicated that the SEC is open to discussion of developing a regulatory sandbox for ICOs, however, expressed a number of concerns surrounding the legislative model.
BTC has fallen off a triangle pattern on the 180-minute chart and now risks falling below $8,000 as the target price of this breakdown is around $7,900. Immediate support for the king of cryptos now stands at $8,164 while resistance placed at $8,831 before which BTC needs to cross past the pivot point of $8,589.
BCH/USD 180-minute chart:
BTC/USD daily chart:
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