Bitcoin Technical Analysis (BTC) On July 9, is regulation good for Crypto?

Regulators play a key role for Bitcoin (BTC) and other alt and BTC safe parts gaining seven percent last week, we should see increased government involvement in the coming days. From another angle, our purchases are live and all thanks to the wave of more than $ 6,800 last weekend. We could see more gains in the next few days and that is why I recommend buying on drops at $ 6,400.

News

There is a challenge that virtually all cryptocurrencies face: that of regulation. Well, more and more economies are thawing and starting to be receptive to the ideas blockchain technology is badociated with.

Most of them also understood that there is nothing sinister behind innovations like Bitcoin and other crypto-currencies. the media are trying to portray. The fact is that Mark Carney said the blockchain solutions would be groundbreaking and that they were supported by recent EU-backed research findings, while recognizing that Bitcoin investments posed no threat to their development. fiat economy.

see incursions even in Africa. Recently, the Central Bank of Kenya and the Treasury received a two-week ultimatum from parliament to give their cryptocurrency trading position in the country. The data shows that more and more Kenyans are enjoying the benefits of Bitcoin, forming pools of funds and mining data centers.

By the way, an increasing number of businesses accept Bitcoin as a payment method in the country. This is not only good for Bitcoin but for other crypts as it helps to change the general story conveyed by the media that Bitcoin is a sophism, a fad and hot air that will disappear over time.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Last Week We have seen Bitcoin prices trading at over $ 6,500 the process. All thanks to these gains, now we have a nice two-bar bullish rollover model just at the $ 6000 main support line.

What more? Sticking a simple Fibonacci retracement tool between the highs of the 2015 and 2017 BTC shows that prices are reversing around the 61.8% correction level. This is an important point as shown by the historical price action. Due to the confirmation of last week and although this is happening inside a wave of deep bears, we recommend to buy with every drop in the lowest periods

Daily Chart

After periods of lower and retest of $ 6,000 – a key support line and the low of April, it seems that Bitcoin prices are doing a trick for the better. After this 10 percent appreciation over the weekend, our $ 6,800 buy triggers were affected, which means our purchases are live. As such, in the days to come, I recommend buying on lower-time drops with stops as of July 2 at $ 6,400. The targets are $ 10,000, a psychological price level in our badysis.

Disclaimer: The opinions expressed are those of the author and do not constitute investment advice. Negotiating in any form involves risk and your due diligence before making a business decision.