- The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside.
- “We want to understand the volatility and make sure clients are in line and make sure regulators are in line,” said Tessler, CEO of Deutsche Boerse
Bitcoin price attacked the resistance level at $7,600, but the upside was limited below $7,650. The 200 SMA offered resistance leading to a trend reversal that has seen BTC/USD break below $7,500 and is currently testing the short-term support level at $7,400.
The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. Moreover, the 100 SMA is offering resistance to the upside, while the gap between the moving averages is widening to signal that the sellers have the upper hand.
The RSI on the 15’ timeframe chart has retracted below the 30 mark, while the Stochastic is way deep in the oversold region which could mean that the sellers are nearing exhaustion and the buyers could find an entry. An upside breakout past the 100 SMA ($7,500) could test the key resistance at $7,600 (200 SMA). However, BTC/USD could still be in the danger of another slide and this time the target on the downside would be $7,200.
The CEO of Deutsche Boerse, Jeffrey Tessler is considering adopting digital assets. The German bank becomes one among the many financial institutions interested in cryptocurrencies and the blockchain technology. The digital assets offer lower cost of transacting while still maintaining a peer-to-peer platform. Tessler said in an event held in London:
“Before we move towards the Bitcoin market, we want to make sure we understand the underlying transaction which isn’t the easiest thing to do.” He added, “We want to understand the volatility and make sure clients are in line and make sure regulators are in line.”
The cryptocurrency market is volatile at the moment but having banking institution with interest in the space speaks a lot about how far the market has come. Moreover, it could mean more growth for the virtual currencies especially when it comes to adoption into the financial sector.
BTC/USD 15’ chart
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