The Bitcoin (BTC) price has been a major topic as featured on many best cryptocurrency news sites, especially because of its recent correction as well as its slight upswing over the past couple of days.
Even though BTC managed to climb further above $5,300, it later on corrected to $5,250 which is its current price agains the US dollar. There was a break below the ascending channel and the Bitcoin (BTC) price found support at $5,250 on the hourly chart. The pair is still trading nicely.
It all began yesterday when we saw a steady rise above $5,260 and $5,280 for Bitcoin, where a new weekly high was formed at $5,327 before the price started its downside correction. There was also a break below the $5,260 support and the 23.6% Fibonacci retracement level showed a wave from the $5,018 low to the $5,237 high.
Since the Fib wave is high, the Bitcoin (BTC) price remains well supported above the $5,170 and $5,180 levels right now. Only a close below this level and the 100 hourly simple moving average could right now start a major decline in the near term.
According to prominent analysts, the latest cryptocurrency news estimate a solid support for Bitcoin with a possible price increase over the next few days. Looking at the chart, the Bitcoin (BTC) price is clearly well supported which means that it is very likely for it to bounce back above $5,300 in the next few hours.
Conversely, a close below the $5,160 support level may also trigger a drop to $5,090 or even $5,020.
- Hourly MACD – The MACD is most likely moving back in the bullish zone in the near term.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has changed hands with 40 and it is currently moving higher towards 50.
- Major Support Levels – clearly the Bitcoin (BTC) price of $5,200 was followed by $5,160.
- Major Resistance Levels – now, they are set at $5,260, $5,300 and $5,330.
Over the past couple of days, there were many reports and an analyst showing his opinion that the next bull run may be a several magnitudes bigger. However, these are only speculations from pro-Bitcoin analysts. The current indicators are as above mentioned.
The big question is…Will we see a Bitcoin (BTC) price breakout soon?
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Cameron And Tyler Winklevoss: It’s Bitcoin’s Bottom Of The First Inning
"We still think it’s the bottom of the first inning."The Winklevoss twins first invested in bitcoin back in 2013 and they said that at first bitcoin didn’t sound like a good idea but after a few tequila shots it started making sense. Now, they have about 1 percent of all bitcoin outstanding. The twins reportedly plowed millions from their settlement with Facebook into bitcoin of course. After they saw that the investment balloon will be estimated for billions of dollars, they claim to have taken away the sting from having Facebook kidnapped from them. The Wall Street Journal apparently asked them what happens when the twins meet with Zuckerberg at a crypto conference and the twins answered:
“Welcome to the party, what took you so long?”Regarding Libra, Facebook’s cryptocurrency is looking less as a cryptocurrency. David Marcus who works at the development center for Libra reportedly wrote to the lawmakers:
"We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”Meanwhile, the policymakers have a hard time to understand and to find a way how to handle Libra but they can’t stop bitcoin at least not anymore. Cameron and Tyler Winklevoss noted:
"To shut down bitcoin you have to shut down the internet...like North Korea. Countries will have to play with it."As per the coming altcoin news, the twins see future where Zcash and Ethereum will have a very important role mainly because of their privacy features. As for Gemini, the competitive landscape is only warming up. Poloniex, for example, allowed purchasing cryptocurrency by using credit and debit cards, Binance is coming to the United States and CEX.io also opened a new US office.
ECB Official Warns: Libra Could Be Very Dangerous Without Rules
‘’It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.’’The entire ECB executive board believes that digital currencies will represent the ‘’wake-up call’’ for regulators around the world. He believes that this could result in regulatory entities making improvements in their operations. Facebook’s plan is to launch a digital currency which will trigger central banks and all policymakers across the world. The U.S. congressional committee asked the social media giant to stop the operations regarding Libra. Also, the House Financial Services Committee noted issues that touch the security nature of the cryptocurrency and Facebook’s troubled past regarding data privacy:
‘’Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action.’’The House Financial Services Committee also warned that if Facebook decides and launches Libra prior to the legislative solutions, the result will be a new ‘’Swiss-based financial system that is too big to fail.’’ The committee also stated that it will further hold public hearings on crypto-related matters next week. As noted in the latest cryptocurrency news, the Reserve Bank Of Australia Governor Philip Lowe indicated there are a lot of regulatory issues regarding Libra. In Asia, the Bank of Japan also warned that Libra poses a huge threat to the current financial systems.
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