Price
Bitcoin spent last days fluctuating around 8500.0 level. 8500.0 level lies close to the Bullish Trend Line and is considered an important support for the April – May bullish pattern. As long as the price holds above the Bullish Trend Line, the overall bias still stays bullish. Breakthrough of the Bearish Trend Line and 100-days EMA afterward would be required to confirm the return to the uptrend and testing the 10000.0 level. Dive below the Bullish Trend Line and 8000.0 support will lead the price into a deeper correction, probably to the 6000.0 levels.
Today forecast
Lateral trading in the 8200.0 – 8800.0 zone.
Latest news
Bitcoin spent last days fluctuating around 8500.0 level. 8500.0 level lies close to the Bullish Trend Line and is considered an important support for the April – May bullish pattern. As long as the price holds above the Bullish Trend Line, the overall bias still stays bullish. Breakthrough of the Bearish Trend Line and 100-days EMA afterward would be required to confirm the return to the uptrend and testing the 10000.0 level. Dive below the Bullish Trend Line and 8000.0 support will lead the price into a deeper correction, probably to the 6000.0 levels.
Today forecast
Lateral trading in the 8200.0 – 8800.0 zone.
Latest news
- Thailand Commences Cryptocurrency Regulations Today. The decree to regulate cryptocurrencies and initial coin offerings in Thailand goes into effect on Monday. The government has also revised the country’s tax code to add crypto taxation. Sellers of digital tokens will face a fine or even jail time if they fail to register with the regulator within 90 days. The Thai government’s decree to regulate cryptocurrencies and initial coin offerings (ICOs) goes into effect on Monday. The Digital Asset Management Act BE 2561 was approved by the Thai cabinet in March and has been amended since. The revision of the Revenue Code No. 19 was also announced in order to tax crypto profits at 15%, according to local media.
- Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period. Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply. Issued 11 May, the Reserve Bank of Zimbabwe, the country’s central bank, laid out seven points in ordering the shutter of things crypto within the southeast African nation. Referencing two previous circulars going back as far as three years ago, the notice explains “’banking institutions’ attention is once again drawn to the risks involved with virtual currencies and the need to ensure strict adherence to sound risk management. Our investigations have revealed that the major cryptocurrency exchanges facilitating the trade of virtual currencies in Zimbabwe are Bitfinance (Private) Limited (Golix) and Styx24. Golix has gone further to set up an ATM machine through which cryptocurrency transactions are facilitated.”
Comment:
High volumes + breakthrough of Bearish Trend Line; 9000 - next resistance.
