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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Hazte Cliente PRUEBE UNA DEMO Descarga la app móvil Descarga la app móvilAfter 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
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