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Bitcoin Price is Recovering But 100 SMA Could Trigger Another Sharp Drop

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Bitcoin started a major decline after it was rejected near the $10,000 resistance against the US Dollar. BTC is currently recovering, but it is likely to face sellers near the 100 SMA (H4).

  • Bitcoin traded as low as $9,084 and it is currently correcting higher.
  • The price is likely to face sellers near the $9,600 level and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $9,770 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses as long as it is below $9,600 and $9,700.

Bitcoin Turns Red

This past week, bitcoin failed to settle above the $10,000 resistance zone against the US Dollar. BTC price traded as high as $9,989 and started a major decline below the $9,900 and $9,800 levels.

The bears took control and were able to push the price below the $9,500 support and the 100 simple moving average (4-hours). The decline was initiated after there was a break below a key ascending channel with support near the $9,780 level on the 4-hours chart of the BTC/USD pair.

Bitcoin PriceBitcoin Price

The decline was such that the pair broke the $9,200 support and traded as low as $9,084. Bitcoin is currently correcting higher and trading above the $9,300 level.

It surpassed the 23.6% Fib retracement level of the downward move from the $9,989 swing high to $9,084 low. On the upside, an initial resistance is near the $9,500 and $9,540 levels.

The 50% Fib retracement level of the downward move from the $9,989 swing high to $9,084 low is also near $9,537. The first major resistance is near the $9,600 level and the 100 simple moving average (4-hours).

There is also a major bearish trend line forming with resistance near $9,770 on the same chart. Therefore, the price must break the 100 SMA (H4) and then the trend line to move into a positive zone.

More Losses in BTC?

If bitcoin fails to clear the $9,500 resistance zone or the 100 simple moving average (4-hours), it could resume its decline below the $9,400 level.

The first key support is seen near the $9,300 level, below which it could retest the $9,080 zone. The main support is seen near the $9,000 level, where the bulls might take a stand.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 40 level.

Major Support Level – $9,300

Major Resistance Level – $9,600

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Source: https://www.newsbtc.com/2020/06/14/bitcoin-price-100-sma-could-trigger-another-drop/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-price-100-sma-could-trigger-another-drop

Blockchain

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


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  • 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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