- After the strong rises, the motives for selling are emotional and not technical.
- XRP is doing well and does not wrinkle in the face of criticism.
- A Russian analyst speaks of $10 billion worth of government purchases.
It dawns in Europe with declines among the three top cryptocurrencies, ignoring the news coming from Russia about its intention to transfer part of its vast foreign exchange reserves to the crypto market, in particular to Bitcoins.
Vladislav Ginko, an analyst that specializes in cryptocurrencies and advises to the presidency of the country on these issues, stated that the Russian government would be preparing an investment of $10 billion for Q1 2019 out of a total planned investment of $470 billion. It also states that the country’s financial bigwigs are insistently asking their capital managers information on how to convert millions of dollars to Bitcoins.
Investment funds in Moscow are engulfed with requests from wealthy Russians “how to buy for $ several millions Bitcoins”.
— Vladislav Ginko (@martik)
No member of the Russian government has confirmed the news. And for now, it does not seem that the market gives it too much credibility. If confirmed, it would be a real revolution and would take Bitcoin’s status to a new, higher level.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the $3.779 price level, dropping more than 5% in the session. Technically, the move has not changed the previous scenario but puts pressure on Bitcoin, which has failed to move away from the relative lows in recent weeks.
The arrival of equilibrium levels in the MACD tends to cause rebounds against it, as many traders mark these levels as a signal to reap profits and others take advantage of the movement in the short term.
Below the current price, the first support level is $3,700 (price congestion support). The second support is $3,600 (price congestion support). Below current prices, BTC/USD would lose the bullish momentum, and the media gates of hell would reopen. The third level of support is at $3,275 (price congestion support), a level that would test the nerves of many traders.
Above the current price, BTC/USD has the first resistance at the $3,900 price level (price congestion resistance). The second resistance level is at $4,120 (EMA50). The third resistance level is at $4,400 (price congestion resistance). This last resistance level is fundamental and exceeding it could lead the BTC/USD to a period of consistent…
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