Regulation will see Bitcoin: USD/BTC (BTC=X) go mainstream in the UK

Regulation will see Bitcoin: USD/BTC (BTC=X) go mainstream in the UK

Regulation will see Bitcoin: USD/BTC (BTC=X) go mainstream in the UK

Tighter EU laws governing cryptocurrency will lead to wider Bitcoin adoption, claims the CEO of established UK crypto exchange Coinfloor.

This month, the European Union implemented a new law – known as the EU Fifth Anti-Money Laundering Directive (5AMLD) – which requires cryptocurrency platforms and wallet providers to identify their customers for anti-money laundering purposes.

The UK has decided to implement the law despite its decision to leave the EU.

Coinfloor CEO Obi Nwosu says tighter EU and UK Financial Conduct Authority (FCA) regulations will increase confidence among consumers.

He told Coin Rivet: “Clearer regulation is a going to be a good thing for the UK and EU. It will bring more certainty for users, service providers like us, and our institutional and financial suppliers.

“This in turn will eventually translate into greater adoption for Bitcoin.

Governments around the world are implementing crypto legislation

“Depending on your perspective, Bitcoin has either already reached mainstream adoption, is about to, or has a long way to go.

“In terms of its first killer app – namely being a digital inflation-resistant store of value that is accessible to all – Bitcoin has already reached maturity and is seeing sections of the mainstream market using it.

“Mainstream adoption will only increase as more businesses develop Bitcoin-based financial services and merchants start accepting Bitcoin payments.”

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 8,150.86.

The projected upper bound is: 9,151.28.

The projected lower bound is: 8,052.50.

The projected closing price is: 8,601.89.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 33.2777. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 61.40. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 16. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -60.230 at 8,574.000. Volume was 76% below average (consolidating) and Bollinger Bands were 22% wider than normal.

Open     High      Low     Close     Volume___
8,644.0008,669.6008,432.9308,574.000 21,148
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 8,733.74 7,649.62 8,978.30
Volatility: 48 47 62
Volume: 103,993 94,963 86,604

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 4.5% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 18 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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