United States Treasury Secretary Steven Mnuchin voiced new bearish views on Bitcoin: USD/BTC (BTC=X)
United States Treasury Secretary Steven Mnuchin voiced new bearish views on Bitcoin today, saying that he probably will not be talking about the number one cryptocurrency in as soon as five years. In an interview with “Squawk Box” CNBC on July 24, Mnuchin said:
“I won’t be talking about Bitcoin in 10 years, I can assure you that […] I would bet even in 5 or 6 years I’m no longer talking about Bitcoin as Treasury Secretary. I’ll have other priorities […] I can assure you I will personally not be loaded up on Bitcoin.”
Mnuchin’s latest remarks follow a recent statement about how cryptocurrencies primarily exist as a vehicle for crime and speculative investment, saying, “I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
However, CEO and Digital Currency Group founder Barry Silbert celebrated the Treasury Secretary’s remarks, saying that they were “complete and total validation of Bitcoin.”
Mnuchin also recently claimed that fiat money is not laundered to the extent that Bitcoin is. In a separate Squawk Box interview, Mnuchin said that the U.S. has the strongest Anti-Money Laundering system in the world. Bitcoin, on the other hand, he believes is vulnerable to money laundering.
As previously reported by Cointelegraph, economist and anti-cryptocurrency pundit Nouriel Roubini recently wrote an essay with high criticism of the crypto exchange BitMEX, implying that the exchange knowingly launders money for terrorists and criminals:
“BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere; the exchange does nothing to stop this, as it profits from these transactions.”
Overall, the bias in prices is: Upwards.
The projected upper bound is: 11,960.42.
The projected lower bound is: 8,272.10.
The projected closing price is: 10,116.26.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 27.6021. This is not an overbought or oversold reading. The last signal was a buy 11 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 46.21. 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 28 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 -73. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 24 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 393.740 at 10,069.490. Volume was 56% below average (consolidating) and Bollinger Bands were 21% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 10,200.13 10,238.96 6,238.99
Volatility: 104 106 78
Volume: 89,513 92,607 79,702
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.
FOREX BTC= is currently 61.4% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 9 periods.