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Bitcoin Forms a Decisive Top Formation as Momentum Falters; Analysts Expect Blood

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  • Bitcoin has posted some mixed price action as of late, offering few insights into the strength of its current market structure
  • Analysts do believe that the recent price action following its latest rejection at $10,000 struck a blow to its underlying strength
  • This may be causing the benchmark crypto to form a clear top formation that suggests a violent downturn is imminent
  • This weakness could also be compounded by the recent break below a key ascending trendline that was previously guiding its uptrend

Bitcoin has continued trading around $9,400 overnight, struggling to garner any clear momentum as its buyers and sellers both reach an impasse.

It is important to note that recent events taking place with regards to its price action have offered some insight into the strength of its underlying market structure.

The latest rejection at $10,000 caused it to dip as low as $9,000. Although buyers quickly stepped up and propelled it back up to its current price region, this downside movement marked a break below a multi-month trendline.

Furthermore, an analysis of the cryptocurrency’s Renko chart also points to underlying weakness, as it suggests that BTC has formed a decisive top that will be followed by further downside.

Bitcoin Continues Trading Beneath Key Trendline as Selling Pressure Begins Mounting

At the time of writing, Bitcoin is trading down by just under 1% at its current price of $9,400.

This marks a slight decline from daily highs of over $9,500 but is around the price point at which it has been trading at throughout the past few days.

Analysts are widely noting that the cryptocurrency is currently weak due to the consecutive rejections around $10,000 that have been posted throughout the past several weeks.

Although in the past these rejections have done little to alter Bitcoin’s underlying market structure, the latest rejection it posted caused it to decline beneath a key ascending trendline that had been guiding its multi-month uptrend.

One trader spoke about this in a recent tweet, noting that it is vital for buyers to recapture the $9,500 region in order for them to have a chance at climbing back above the trendline.

“Short term bias is bearish as long as previous support is resistance – vital for bulls to reclaim 95xx,” he explained while pointing to the chart seen below.

Image Courtesy of Teddy. Chart via TradingView

This Chart Suggests BTC Has Formed a Mid-Term Top

This latest rejection also formed a classic top formation candle on the cryptocurrency’s Renko chart.

As such, unless buyers step up and send Bitcoin surging higher, this formation signals that a downtrend is imminent in the days and weeks ahead.

“Without compounding the obvious, without a spike to undo the developing BTC divergence, this is the top,” one popular trader said while offering the chart seen below.

Bitcoin

Image Courtesy of Cold Blooded Shiller. Chart via TradingView

Featured image from Shutterstock. Charts from TradingView.

Source: https://bitcoinist.com/bitcoin-forms-a-decisive-top-formation-as-momentum-falters-analysts-expect-blood/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-forms-a-decisive-top-formation-as-momentum-falters-analysts-expect-blood

Blockchain

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


Quick Take

  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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U.S. crypto exchanges have a plan for how to deal with FATF’s travel rule














Source: https://www.theblockcrypto.com/daily/82261/us-crypto-exchanges-fatf-travel-rule?utm_source=rss&utm_medium=rss

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Blockchain

Exploring the current state of cryptocurrency taxation in the European Union


Quick Take

  • By now, guidelines for  taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
  • Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
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Exploring the current state of cryptocurrency taxation in the European Union














Source: https://www.theblockcrypto.com/genesis/82157/exploring-the-current-state-of-cryptocurrency-taxation-in-the-european-union?utm_source=rss&utm_medium=rss

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Blockchain

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto

Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.

The post FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto appeared first on The Block.

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FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto














Source: https://www.theblockcrypto.com/linked/82229/fincen-proposes-lower-threshold-for-transaction-data-gathering-under-fatfs-travel-rule-including-those-made-with-crypto?utm_source=rss&utm_medium=rss

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