- “Regarding cryptocurrencies, there are some positive aspects,” said Yoon Suk-huen.
- The 100 SMA is offering short-term support on the downside.
Bitcoin Cash price is testing the immediate resistance level at $1,650 while it is down 4.12% in the last 24 hours. BCH/USD above $1,800 on the weekend, however, it has started the week with lower corrections. It is also trading below the bullish trend line, but the bears seem to have the influence as observed on the 1-hour timeframe chart.
In other news related to cryptocurrency trading, South Koreas Financial Supervisory Service (FSS) has said that it is considering loosening its grip on crypto regulations. The positive news comes after the country appointed a new Governor at the FSS, Yoon Suk-heun. Yoon reportedly said to the local reporters; “Regarding cryptocurrencies, there are some positive aspects.”
This move indicates that South Korea can now come up with cryptocurrency regulations that are practical and beneficial to the country. Yoon added that his department, FSS will be collaborating with the Financial Services Commission (FSC) to carry out inspections into the regulations and the prevailing policies governing cryptocurrencies. A comment from the officials at Upbit, the largest exchange in the country reads:
“We don’t oppose regulations. But you can’t entirely kill the markets by simply imposing regulations. What the new FSS chief should think about is how the regulators should provide remedies to help crypto trading and blockchain technology get better,”
Bitcoin Cash price analysis
The price is flirting with the 38.2% Fib with the last swing high of $1,831 and a 1,260 low. To the upside, the buyers are eyeing $1,650 but first, they have to go through the resistance level at $1,630. On the downside, the 100 SMA is offering support, however, the short-term short for BCH/USD is highlighted at $1,600. Further below this, $1,575 will also support the price. The MACD is in the negative region signalling that the bears have the influence in the near-term.
BCH/USD 1-hour chart
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