Lorenzo Stroe
Independent Analyst
Here is what you need to know on Thursday 17, September
BTC/USD is currently trading right above $11,000 after a notable breakout. A close above this crucial resistance level could be an indication that Bitcoin bulls are ready to take over again.
ETH/USD is not following Bitcoin this time and it’s not the leader anymore. The digital asset continues trading at $365 unable to climb above $400.
XRP/USD had a dip towards $0.234, the 100-MA and the bulls managed to defend it pushing the price of XRP above 0.24 again.
Chart of the day: BTC/USD daily chart
-637358833439710646.png)
Market
Bitcoin price climbed above the crucial $11,000 resistance level and has been bullish for the past three days. This breakout is a major indicator that momentum is shifting in favor of the bulls, at least in the short-term. The next barrier would be at $11,267, the current 50-MA, but BTC is not facing a lot of resistance above that level.
The IOMAP chart shows the next resistance cluster to be at around $11,663 and $11,770 but almost no resistance above or close to $12,000. When it comes to support, it seems that Bitcoin has a ton of support compared to the resistance with the nearest level at $10,784.
Industry
It seems that a leaked version of rules to be issued by the European Commission has been circulating around. The draft proposes an all-encompassing law for crypto assets.
That announcement came right after Kraken announced that it will become the first U.S. crypto bank ever. The Wyoming Banking Board voted and approved the proposal allowing Kraken to become a real bank offering crypto assets.
By becoming a bank we get direct access to federal payments infrastructure, and we can more seamlessly integrate banking and funding options for customers
Quote of the day
Bitcoin will do to banks what email did to the postal industry
– Rick Falkvinge
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
Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike
Uniswap's (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%.
Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocks
Token unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit. The event, which adds tokens to the project’s circulating supply without increasing demand, leaves an effective imbalance in favor of supply.
Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree
Ethereum's (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.
Bitcoin price delays pre-halving rally as US and China battle for BTC supremacy ahead of halving
Bitcoin has failed to showcase an enticing pre-halving rally. As the event remains less than a week out, traders and investors remain at the edge of their seats, with thoughts on whether the impact of the fourth cycle will be different than what has been seen before.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.