Bitcoin price analysis: BTC/USD ready to continue move lower after small pullback this afternoon
- BTC/USD enjoyed a brief pullback away from the lows of the day, however heading back south following resistance rejection.
- Japanese regulator warns Binance for operating without licence in Japan.
The Bitcoin price has swung between positive and negative territory, during the trading session on Friday. There has been little in the way of positive news flow, to support Bitcoin’s price action this week.
It was covered across the news wires, that the largest exchange in the world, Binance, were issued a warning by the Japanese Financial Service Agency, for operating in the country without a licence. Elsewhere this week, there was an increased crackdown by mainstream social media platforms, further banning cryptocurrency ads.
BTC/USD on the shorter time frame, 30 minute view, has been respecting a descending trend line over the last two days. The price again was rejected a break higher by this, tracking at $8,700, which is resistance. Given the rejection, the price is on the move lower, support seen around $8,500 region.
BTC/USD 30-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
