Bitcoin price analysis: BTC/USD rejects $9,300 support; Desmond Marshall, head of the Floor HK says “China’s Crypto Ban Won’t Be Lifted Soon,”

  • “The situation in China is a little bit sensitive at this point around here,” says Marshall.
  • Bitcoin price trading within support and resistance levels; while 61.8% Fibo will stop further declines towards $9,000.

Bitcoin price, like most of the top ten cryptocurrencies, is down 2.67% in the last 24 hours on Monday. The king of the digital assets by market capitalization is trading below the bullish trend line we observed during last week. BTC/USD has recently, broken below the support level at $9,300 and is currently testing another immediate support level at $9,250.

China, on the other hand, is not even close to the idea of lifting the ban on cryptocurrencies. However, as digital asset trading dwindles in the country, blockchain technology is highly welcome and continues to grow. The managing director in a recent interview with the Finance Magnets said: “the situation in China is a little bit sensitive at this point around here.” He added that the topic of blockchain approached with care and distinction from cryptocurrencies.

“In terms of blockchain technology, China is quite open and welcomes this kind of discussion as well. But, of course, if we’re talking about cryptocurrencies or ICOs, that’s a definite no-no,” said Marshall.

While commenting on the intentions of the PBOC to come up with DCEP (Digital Currency Electronic Payments), he said:

“The key phrase here is ‘how it’s being used’,” he explained. “In terms of the application of it, they’re talking about electronic payments. We’re talking about consumer payments–buying a can of soda, paying rent, or just buying commodities (a handbag, etc.)”

Bitcoin price analysis

Bitcoin price is dancing within the support and resistance zones provided by the moving averages on the 240’ timeframe chart. On the upside, the BTC/USD will face resistance at 50 SMA close to $9,400, however, before that, the buyers must go beyond the selling pressure present at $9,300. On the downside, the immediate support is at $9,250, the 100 SMA will offer support around $9,225. The next target is the 50% Fib retracement level with the previous swing high of $11,675 and a low of $6,450 in the event of a continued downside movement towards $9,000.

BTC/USD 240’ chart

 

 

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