Bitcoin [BTC] and it’s silver counterpart Litecoin [LTC] managed to hold off major price decline over the trend period as the coins witnessed a standstill. At press time, Bitcoin [BTC] raised its valuation by 3.30 percent in comparison to the US dollar and the trade volume garnered about $11.7 billion.
Litecoin [LTC] exhibited a similar growth with a hike of 2.66 percent with respect to the US dollar and was priced at $81.09 at press time. The market capitalization recorded by the coin was around $4.9 billion.
Bitcoin one-day chart:
The one-day chart of Bitcoin exhibited the uptrend due to the surge and pushed up the valuation from $3952.4 to $5310.3. The new support line scaled after the hike was placed at $4931.9 and the resistance remained at 5312.4. The price held a sideways movement between these two lines at press time.
The Parabolic SAR indicated a bearish trend for the coin as the dotted markers remained above the candlesticks.
The Chaikin Money Flow or CMF line was above the zero line in the chart which implied that capital was coming into the market.
The MACD indicator showed a bearish crossover and the histogram was below the red line which pointed towards a bear trend for the coin.
Litecoin one-day chart:
Litecoin [LTC] had dropped in valuation after the price surge as the valuation extended from $92.512 to $83.976. The new support line for the trend was scaled at $61.225 and the resistance line remained strong at $93.144.
The Bollinger Bands indicator implied a volatile period for the coin as the markers converged in the market.
The Relative Strength Index or RSI pointed towards acquired neutrality between the selling pressure and buying pressure as the line remained under the 60-marker.
The Awesome Oscillator or AO indicated a bearish momentum in the market at press time, but continued to lose the upper hand with declining red bars.
The SAR, MACD and the CMF indicated a bearish downtrend for Bitcoin on the daily charts. The indicators for Litecoin showed a bearish decline while the prices moved sideways.
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.