Bitcoin Today: anticipated fall
Price
Yesterday Bitcoin showed an anticipated fall, losing 13%, slicing through almost all gained levels and reaching the Bearish Trend Line and 6250 level, which coincides with the 61,8 Fibonacci of the August uptrend. Comeback below Bearish Trend Line will return the overall view to bearish state and open the way to the 2018 low at 5750. Sharp fall which did not met any resistance will scare away buyers for sure, so a quick return to the uptrend looks impossible right now. The first positive sign that we could see now is lateral movement above 6250. Today important support – 6250, the fall below 6250 could ignite further sell-off, maybe even below 5750. Return above 6800 would be a positive sign, but it looks unlikely right now.
Today forecast
Trading in the 6000 - 6600 zone. Fall below 6250 – bearish sign.
The most claimed reasons of the fall
Among the factors that could affect such a rapid decline in the market, analysts and commentators in social networks often call yesterday's news (yet not officially confirmed) about Goldman Sachs is ditching its near-term plans to open bitcoin trading desk.
Another common version is the general negative mood caused by the decision of the popular crypto-currency wallet and exchange platform ShapeShift to introduce mandatory registration of users and to start collecting personal data. Despite the fact that the Swiss company's statement does not explicitly state this, it can be assumed that this decision was at least a consequence of today's general situation with the regulation of the crypto-currency industry, and it is not excluded that it is the result of pressure from law enforcement bodies.
The news has become one of the most discussed in the community over the past 24 hours, and not all comments on ShapeShift turned out to be warm and friendly. Many directly blame the company and personally Eric Vorges for "betraying" the ideals and philosophy of bitcoin and the actual implementation of AML / KYC procedures.
Yesterday Bitcoin showed an anticipated fall, losing 13%, slicing through almost all gained levels and reaching the Bearish Trend Line and 6250 level, which coincides with the 61,8 Fibonacci of the August uptrend. Comeback below Bearish Trend Line will return the overall view to bearish state and open the way to the 2018 low at 5750. Sharp fall which did not met any resistance will scare away buyers for sure, so a quick return to the uptrend looks impossible right now. The first positive sign that we could see now is lateral movement above 6250. Today important support – 6250, the fall below 6250 could ignite further sell-off, maybe even below 5750. Return above 6800 would be a positive sign, but it looks unlikely right now.
Today forecast
Trading in the 6000 - 6600 zone. Fall below 6250 – bearish sign.
The most claimed reasons of the fall
Among the factors that could affect such a rapid decline in the market, analysts and commentators in social networks often call yesterday's news (yet not officially confirmed) about Goldman Sachs is ditching its near-term plans to open bitcoin trading desk.
Another common version is the general negative mood caused by the decision of the popular crypto-currency wallet and exchange platform ShapeShift to introduce mandatory registration of users and to start collecting personal data. Despite the fact that the Swiss company's statement does not explicitly state this, it can be assumed that this decision was at least a consequence of today's general situation with the regulation of the crypto-currency industry, and it is not excluded that it is the result of pressure from law enforcement bodies.
The news has become one of the most discussed in the community over the past 24 hours, and not all comments on ShapeShift turned out to be warm and friendly. Many directly blame the company and personally Eric Vorges for "betraying" the ideals and philosophy of bitcoin and the actual implementation of AML / KYC procedures.
- Goldman Sachs will not be building Bitcoin trading desk in near future
The financial conglomerate Goldman Sachs will not in the foreseeable future create a trading department specializing in cryptocurrency. This was reported by Business Insider with reference to sources familiar with the situation.
The main reason for this is regulatory uncertainty. However, according to representatives of Goldman Sachs, in time this decision can be revised.
Nevertheless, at present, the bank is still considering the possibility of launching custodial services focused on large funds. The company also provides customers with the opportunity to trade bitcoin futures and CFD contracts. Which allow the investor to gain on the bitcoin price volatility without having to own the underlying asset.
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