- The trend is bearish at the moment and the stochastic RSI is deep in the oversold.
- Deputy Governor Sam Woods advises banks and insurers to consider suitable risk management systems for crypto investments.
Bitcoin price is getting comfortable around $6,100 and is lacking a catalyst for higher corrections. The buyers are not able to sustain upside movements, but they have been able to keep the support above $6,000 since June 24. The price is, however, nearing a breakout in the extended contracting triangle pattern. It is clear that the Bulls are lacking in flow and a support to push for higher corrections.
In the meantime, the Bank of England Deputy Governor Sam Woods has commented on digital currencies noting that they appear to be at risk to fraud and manipulation. The Deputy Governor also said that money laundering, terrorism, and financial risk go up considerably when dealing with virtual currencies. Woods, however, went ahead to advise banks, insurance firms as well as funds to put up suitable risk management systems when considering investments in digital assets.
Technically, Bitcoin price is fighting to break above the resistance at the 200 SMA. The 50 SMA on the other hand, will offer additional resistance close to $6,140. The immediate upper supply zone is at $6,200 and a break above this level will have BTC/USD opening up for more buying opportunities towards the next target on the upside at $6,300. The trend is bearish at the moment and the stochastic RSI is deep in the oversold territory on the 15’ timeframe chart. The support highlighted at $6,000 will continue to support the price in the short-term.
BTC/USD 15’ chart
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