Latest Bitcoin News
Estonia–like Malta and just recently the Bahamas, is extremely open to technology and that includes the value proposition of blockchain and its ambition of disrupting traditional businesses. They even had a plan of creating their own national cryptocurrency but being a member of the EU, the idea was opposed by the ECB and Mario Draghi forcing them to retreat.
Now, just days after passing a new Financial bill, reports indicate that Estonia plans to update the Anti Money Laundering and Terrorist Financing Prevention Act in order to comply with EU’s Fourth Money Laundering Prevention Directive by including crypto related clauses as “virtual currency exchange service providers” and “virtual currency payment service providers”. By doing so, the country’s regulator Estonian Financial Supervision Authority (FI) will be sealing loopholes preventing undesirable elements from laundering money via crypto exchanges and other service providers.
Meanwhile, it is becoming increasingly clear that the participation of regulators means cryptocurrencies and blockchain technology is here to stay. This was recently asserted by Wynn Davies, North America Managing Director at Accenture who went ahead and said that blockchain is the single piece technological innovation in business which cannot be ignored.
In the meantime, Jay Clayton while issuing a disclaimer—his comments don’t represent that of the SEC– said new technology and related projects should be compliant with time-tested rules set by the commission and that there should be a change of investor protection just because it is new technology.
He also went ahead and said Bitcoin is a utility since no entity controls it. Besides, it also acts a medium of exchange much more like Yen, Euro or the USD.
Bitcoin (BTC) Price Analysis
BTC/USD Weekly Chart
Overly, the market is expectant and even though BTC prices are stable, trending inside last week’s high low, the fact that prices are also moving within week ending Nov 25 high low mean sellers are in charge. It’s easy to see why.
Notice that when we take a top-down approach it’s easy to see we can see a whole bear bar printing below $5,800 main resistance level and as a price tag of our concern, sellers are in control unless there are sharp price spikes printing above this resistance level perhaps kick-starting the next wave of buyers erasing Nov and 2018 steep losses.
As it is, losses below $3,700 could trigger a meltdown that will see BTC print $3,000 or lower by the end of the year.
BTC/USD Daily Chart
Clearly, sellers are in charge and in a bear breakout pattern, we expect BTC/USD prices to be under immense pressure in days to come more so if there are steep losses below $3,700, the lower limit of our $1000 consolidation zone marking Nov 2018 lows.
Though it will be undesirable and against the Fibonacci retracement rules—prices are down +80 percent from 2017 peaks—any breach could see BTC/USD tumble to $3,000. On the flip side gains above $4,700—our minor resistance line could spur buyers into action and in turn, this could see BTC/USD printing $8,500 or higher by close of higher.
It all depends on if prices will find support and bulls build on last week’s gains.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Estonia–like Malta and just recently the Bahamas, is extremely open to technology and that includes the value proposition of blockchain and its ambition of disrupting traditional […]