Bitcoin: The Bulls Vs The Bears
Bitcoin started to look good Friday, and it rallied through to a mid-day high at $9,020 Saturday, before a late afternoon sell-off hit the broader cryptocurrency market.
Bitcoin, could break through the 1st major resistance mark at $9,161.65, as investors locked in gains that led to Bitcoin falling to an intra-day low $8,505, before a slight recovery to $8,541.96.
Worries over what lies ahead for Binance and SKorea’s investigation into banks involved in the cryptomarket are immediate.
And the US government’s plans to include digital currency addresses of sanctioned companies and individuals into OFAC just adds to the market worries.
The move raises lots of Questions and brings more uncertainty to an already uncertain outlook, with cryptocurrency investors having to steel up through the Summer as the market looks ahead to the roll out of global regulations, agreed as an action plan during last week’s G-20, if they really do.
Any signs of a run at the day’s 38.2% Fibo Retrace mark at $8,617.6 would support a run at the day’s 1st major resistance at $8,872.97, which brings a move back through to $9,000 in play.
Bitcoin’s failure to close at $9,000 since 14 March Question’s whether investors would support $9,000 going into Monday, with the news wires ready to hit the markets with more updates on Binance and from SKorea and the US
Failure to move through $8,600 would lead to another late day sell-off
This past weekend The Bulls disappointed, and will likely do again and any rally will be shallow, as there is lots of resistance clustered at the top end of the last week’s highs.
There is Red on the board, with NEM’s XEM, Cardano’s ADA, Monero and Dash in the Red.
Have a terrific week.