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Bitcoin has faced clear selling pressure today at 11,000 level and the chart towards end of day has turned bearish in the near term for next few days unless we see a strong buying with green closing.
At the time of writing this post, Bitcoin is at 10,480 and its possible that Bitcoin may test 9500 in the next 4-5 days, before buying support can emerge again.
If Bitcoin can defend 10,000 level after today’s bearish signal, that will be very bullish, but the probability of it looks very less, because of failure to hold 11,000 – 11,500 levels on two different days.
If Bitcoin falls below 9300, then it would be breakdown, and the next buying support comes only near 8000 level. The probability of it looks high as of now.
Here is an update received from Kraken, which is a leading crypto currency exchange. Bank account closures like this have frequently happened with other crypto currency exchanges too, but Kraken is at least giving some notice.
—————–Email from Kraken———————————
We regret to inform you that due to a variety of circumstances, we will be closing the following SWIFT bank accounts, as well as our domestic JPY funding accounts at SMBC in Japan. Please note that SEPA Euro funding will not be affected. Cryptocurrency funding will continue as usual. (All dates mentioned below are represented in JST)
The Following Funding Accounts will be Closed on March 21st:
USD, EUR, GBP (SWIFT)
Account Name: Payward Japan K.K.
Address: 3-11-10 Higashi, Shibuya-ku, Tokyo
Bank name: Sumitomo Mitsui Banking Corporation (SMBC)
Bank / branch location: 2-4-1 Hamamatsucho, Minato-ku, Tokyo 105-6101, Japan
SWIFT code: SMBCJPJT
Account number: 6793010727 Continue reading Kraken Bank Accounts Closure in Japan
Bitcoin is back above $8000 today (07 Feb 2018) after hitting a low of $6000 yesterday morning. The Bitcoin futures (XBT) hit a low of 5880 yesterday morning. Value buyers and short covering has lifted Bitcoin back above $8000 level. Bitcoin may test $6000-6500 level again in the coming days in order to confirm the buying support level.
The daily chart of Bitcoin (BTC/USD) is currently in bearish territory far below 50 day moving average, and Bitcoin will become very bullish once it crosses 50 day moving average. That 50 day moving average is also coming down gradually, and will provide strong support once it comes down to 9000 or lower. For now, Bitcoin is being sold on rallies, and above 50 day moving average, fresh buying will start. Above 14,000 strong upmove can be expected.
Bitcoin hourly chart analysis shows it has crossed 50 hour moving average, so it has become bullish in the very near term, and can go up till 9800 as part of the current rally this week.