Bitcoin Today: Baidu blocks cryptocurrencies themes

28 Agu 2018

Price
Monday went much better than expected and the price broke above Bearish Trend Line at the end of the day. Then BTCUSD went above 6800 resistance and now trading on the 22 August high – 6900. One of the possible drivers for such unexpected bullish behavior is CFTC report about low levels of short positions in the bitcoin futures market (reached historic low at the 1266 contracts point). Now on the way the most important zone for now 7000 – 7300 which also supported by 100-days EMA. A breakthrough above this zone will identify a completion of the turnaround pattern and take-off for the further highs with the main target on the 10000. Still, as the higher part of the turnaround zone, these levels will be holding a lot of selling pressure, at least those, who bought on the bottom now can fix up to 20% (6000 – 7200). For today, 6800 turns into a supporting level and should be strong for the upward scenario, from the above the price will meet a strong resistance during the whole 7000 – 7300 zone.

Today forecast
Trading in the 6800 – 7300 zone.

Latest news

• Chinese Search Giant Baidu Joins Tencent and Alibaba in Cryptocurrency Blockade
  The Chinese search giant Baidu, following Tencent, decided to distance itself from the crypto-currency topic by starting to censor and ban the crypto-currencies related topics on the Baidu Tieba platform, China Times reports.
  "At the moment the company has toughened the attitude to digital currencies and does not allow creating sub-forums on this topic, relying on existing laws and regulations," the source, who wished to remain anonymous, notes.
  Currently, the sub-forums "Digital currencies" and "Virtual currencies" are not available and a search for these keywords leads to the message "This forum is temporarily closed due to non-compliance with existing regulations."
  "The company will manage its business in accordance with Chinese laws," the representative of the search giant said.
  He also noted that these sub-forums were blocked due to the dissemination of information on ICO and speculation by crypto-currencies.
  It is noteworthy that many other sub-forums about crypto-currencies such as Bitcoin, Ethereum and others remain available.
  The Baidu Tieba platform was launched in 2003 and, according to the company, at the moment its monthly audience reaches 300 million active users.
  
  
• Latest opinions on bitcoin ETF future
  Last week SEC announced that it would be denying nine Bitcoin-backed ETF proposals from ProShares, Direxion, and GraniteShares. In three individual documents elaborating on the verdict, SEC commissioners outlined the fact that Bitcoin markets lack “significant size” and are still subject to widespread fraud and manipulation. While the U.S. regulatory body has since sought to stay and “review” the denial verdict, the SEC’s concerns regarding such a vehicle stay the main concern of many.
  Wall Street Journal crypto-reporter Paul Vigna recently appeared on CNBC to discuss his opinion regarding the regulatory state of Bitcoin/Crypto-backed ETFs
  Vigna revealed that unless the SEC can determine how much manipulation is going on and from where it will be neigh-impossible for an ETF to hit retail markets:
  “The SEC’s concerns are very valid… for a currency that makes a big deal out of having a public transaction ledger, there is not a lot of transparency with exchanges — what’s going on behind the scenes. You can see the price, the transaction but you don’t really know who is doing the exchanges.”
  CNBC host Mellisa Lee then acutely brought up the idea of a Bitcoin ETF being a catalyst for markets but noted that such a product goes against the very ethos of decentralization and self-custody. Alluding to the fact that custody isn’t proper ownership of the private keys, Lee added:
  “The passage or the approval of an ETF has been looked at by many in the crypto world as the next big catalyst… But there are some in the cryptocurrency industry who look at this and think that this isn’t right, so unless you own the Bitcoin, you don’t own the Bitcoin.”
  Drawing his segment to a close, WSJ reporter Paul Vigna provided some insight on the SEC’s role in the cryptocurrency industry, adding that the regulatory body is doing its best to bring cryptocurrencies to the mainstream. He stated:
  “I think we’re at the point that good governments aren’t looking at this (crypto) as something they need to clamp down on, outlaw it, or drive it out of existence. They see that there is potential here and we have something that might be able to benefit people… They are trying to figure out ways where they can regulate it, make it mainstream enough so that we can use in our daily lives.”