fxs_header_sponsor_anchor

Bitcoin price analysis: Breaks down of important support, but all's not lost yet; Singapore c-bank MAS turns up heat on ICOs

  • BTC breaks down on the short term charts.
  • A bounce is all it needs.
  • MAS turns up heat on ICOs.

King of cryptocurrencies, Bitcoin is trading in the red on the short term charts after breaking down of a critical support earlier in the week and is trading just below it. A bounce and some positive trigger is all that the bulls need to gain traction.

BTC/USD is down about 0.5 percent at $7,423 and not far off from day's low of $7,375.39 hit earlier in the day. On 360-minute chart, Bitcoin broke down of a downward sloping trendline support that has been helping prices in the recent past. Price of BTC though, is not very far off that trendline and some positive trigger is all that the bulls need to cross past this support-turned-resistance.

Among regulatory news surrounding crypto world, Singapore's central bank, Monetary Authority of Singapore (MAS) has stopped one ICO midway as it broke rules governing securities and futures contracts, as reported by Strait Times.

BTC/USD 360-minute chart:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.