Manoj B Rawal
Independent Analyst
- 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:
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?