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.

Manoj B Rawal Independent Analyst

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:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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