Bitcoin could not resist the $10,924 level and fell below the 50-day SMA on Tuesday.
Charlie Lee, creator of Litecoin:
“Crypto’s really risky. I've seen many bear markets or crashes that are 90% down … when the price does crash, it shakes off all the weak hands. So, my point was that if you can't withstand a 90% drop, then don't buy-in, because it's too risky for you."
After the test of the $13,130 level on Wednesday, the price for BTC dropped to the support at $11,000. If the price for the digital currency gets more pressure from the downside, the retest of the $11,000 level (lower border of the symmetrical triangle) will be possible. In that case, the next support will lie at $10,560. The break of this level will increase the possibility of the test of the 38.2% Fibo at $10,020. If the price for the oldest crypto gets bullish momentum, it will rise to the resistance at $12,030, after that the resistance will lie at $12,370. If bulls manage to overcome these resistance levels, the test of the $12,770 level will be inevitable.
· This week was remarkable for the comments by the US officials on crypto. At first, the Federal Reserve Chair Jerome Powell called Bitcoin a store of value, like gold. After that, US President Donald Trump tweeted that cryptocurrencies are not money and their value is based on thin air. According to his words, the only currency in the USA is USD.
· US Security and exchange commission (SEC) allowed conducting the first ICO to the Blockstack project.
· Turkish central bank plans to make its own cryptocurrency. It seems like the policymakers gave up on the Turkish lira, doesn’t it?
· Authorities of Iran age going to legalize mining.
· US tax regulator promised to develop new methods to deal with the tax fraud.
· Goldman Sachs opened its own crypto department and now is ready to compete with JP Morgan.
· The news about the search in the TRON office turned out to be fake.
Current prices (last update 15:16 MT time):
The overheated market has started to calm down since the beginning of the week. What are the levels?
On Monday, on the Investing…
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.