Manoj B Rawal
Independent Analyst
- 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:
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