Bitcoin Today: respite on 6100; we need 6400 to look upwards.

13 Jul 2018

Price
6100-6150 zone showed it’s resistive nature yesterday, lowering Bitcoin was bought-off fast with high volumes, as soon as the price reached 6100 level. On the near-term perspective, we have a resistance 6300 from above and supportive 6150 level from below. To consider any kind of turnaround formation we need to see a breakthrough above the 6400 level. For now, current week pattern looks bearish even despite the recent hike up.

Today forecast
Trading in the 6150 – 6300 zone. A breakthrough below 6000 – bearish signal.

Latest news

• Ripple Wants to Beat Bitcoin in India, Initially Planned to Giveaway Billions
  Ripple (XRP), the largest bank-targeted blockchain protocol, is attempting to take over 50 percent of India’s finance sector by processing payments with low fees and efficient systems.
  At the Scaling and Digital Disruption in Fintech conference, Ripple Vice President Asheesh Birla, said that the company envisions surpassing the adoption rate of bitcoin to ensure XRP becomes the dominant cryptocurrency in the region.
  Currently, as of July 12, one XRP costs around $0.44 and at its peak, XRP was valued at over $3.00. During a panel, Birla revealed that Ripple planned to giveaway two billion XRP to the entire population of India, to streamline the process of introducing XRP to the nation and encourage the usage of the cryptocurrency.
  Birla said:
  “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
  Two billion XRP at a rate of $0.44 would cost around $880 million, and based on the all-time high price of XRP, which could be achieved once again in the next rally of the cryptocurrency market, two billion XRP tokens could easily be worth worth roughly $7 billion.
  
• Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire
  The self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is.
  The Korea Blockchain Association (KBA) held a press conference Wednesday to announce the results of its inspection of cryptocurrency exchanges operating in the country. The Association “gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges,” the Korea Herald reported.
  “Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, Okcoin Korea, Huobi Korea, Bithumb, Upbit, Neoframe, Gopax, Cpdax, Coinzest, Korbit and Coinone. Operators of the other two — Sunny7 and Komid — withdrew from the KBA-led inspection.”