Summary:
- Bitcoin breaks down below $8600
- Mayhem related to US-China trade talks as well as Brexit turmoil have supported digital coins
- SEC rejects an application to launch a Bitcoin ETF
Cryptocurrencies have performed quite well so far this week. One may suppose that this strength may be caused, at least to some extent, by turmoil regarding US-China trade discussions as well as a Brexit never-ending story - this is due to the fact that some market participants treat digital currencies like safe assets.
After notable price gains Bitcoin faced a major obstacle in the form of $8600, and the price has moved back since. Moreover, Bitcoin has already broken below the lower bound of the bullish channel which may not bode well for bulls. A strong support could be found nearby $8060 (the 38.2% retracement spans at the same area). In turn, once bulls take control anew, they will have to smash $8600. Source: xStation5
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After breaking below the upward trend line Ripple is continuing its decline. The price is currently moving around the 61.8% retracement and if bears keep pushing, it could take the price down the road to $0.25, whereas a bullish case would the price nearby $0.28. Source: xStation5
Crypto news:
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The US SEC rejected another Bitcoin ETF application suggesting lack of appropriate regulations
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The US IRS published the guidelines regarding how to calculate tax on crypto trading, most of them were in line with expectations
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PayPal will no longer collaborate with Facebook on a Libra project
