Bitcoin (BTC) on a Roll, Bulls Ecstatic After Italy’s New Tax Proposal | ELEVENEWS
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Bitcoin (BTC) on a Roll, Bulls Ecstatic After Italy’s New Tax Proposal

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  • Bitcoin (BTC) expands, up 7.4 percent
  • Capital flight from Italy could end up in Bitcoin

By zeroing in and targeting personal saving accounts, Matteo Salvini, the Deputy Prime Minister of Italy, is inadvertently advertising Bitcoin. Resilient and thriving with an unpopular decision, BTC bulls are back. Ending the week strongly, prices are up 7.4 percent from last week’s close.

Bitcoin Price Analysis

Fundamentals

Generally, Bitcoin is a machine, a juggernaut whose benefits is enough to promote the first successful digital asset. Withstanding the test of time, shaking off critics-and governments attempts to stunt its growth, Bitcoin is on overdrive thanks to the Network effect.

Law enforcement and the FBI were successful in dismantling the founders of Silk Road and punishing Ulbricht, but Bitcoin shook off the Fear, Uncertainty and Doubt (FUD). Before the great financial crisis, there had been attempts. However, none were successful.

Leveraging the power of the masses, the elusive Satoshi created a self-lubricating robot propped by everyday people fed up by banks. So BTC is back full circle to the early days of Bitcoin. The Italian government is pushing citizens to the wall .

Keen on raising more revenue, Matteo Salvini is going after personal saving held in private bank vaults.  As a result of this controversial decision, a Twitter user, Giacamo Zucco, is elated. Saying the move is a direct endorsement of Bitcoin, he sarcastically lauds the government saying:

“Never been more proud than these last few days of Italy’s role in promoting Bitcoin! This is just one of many tweets of the same kind! They say that Bitcoin, unlike scam coin, has not a marketing department. Not true: its marketing department is the socialist Nation States.”

Candlestick Arrangements

Bitcoin BTC

Currently, BTC is trading within a bullish breakout pattern. Adding 3.1 percent and 7.4 percent in the last day and week respectively, bulls are back. However, in line with the previous BTC/USD trade plan, the best approach going forward is to be cautiously optimistic going forward.

Because of this stance, there is an opportunity for aggressive traders to accumulate in smaller time frames as they aim at $8,500 or $9,100. On the reverse side, a definite close above $9,100 complete with high trading volumes will set the ball rolling for $10,000 or better.

Technical Indicators

From the daily chart, May 30th candlestick has superior participation, albeit being bearish. As such, it props this trade plan. Any close above $$8,500 or May highs should ideally be with better trading volumes exceeding 31k or 47k of May 14th.

source:.newsbtc

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Bitcoin Cash

Bitcoin Cash (BCH/USD) forecast and analysis on June 27, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 481. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Bitcoin Cash (BCH/USD) forecast and analysis on June 27, 2019

As part of the Bitcoin Cash forecast, a test level of 470 is expected. Where should we expect an attempt to continue the growth of BCH  SD and further development of the upward trend. The purpose of this movement is the area near the level of 523. The conservative area for buying of Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 465.

Bitcoin Cash (BCH/USD) forecast and analysis on June 27, 2019

Cancellation of the option to continue the growth rate of Bitcoin Cash will be the breakdown of the area of ​​the lower border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and closing of quotations of the pair below the 440 area. This will indicate a change in the current trend in favor of a bearish for BCH/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on June 27, 2019 implies a test level of 470. Further growth is expected to continue to the area above the level of 523. The conservative area for buying Bitcoin Cash is located area of 465. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 440. In this case, we should expect a further fall.

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Bitcoin Cash

Bitcoin Cash technical analysis: BCH/USD bulls firmly capitalised on a technical pennant; gains over 5%

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  • Bitcoin Cash price late on Wednesday is trading in the green by over 5%. 
  • BCH/USD daily price action extended to the upside after breaking out from a bullish pennant. 
  • A daily closure above the psychological $500 mark could leave the door open to further buying pressure. 

Spot rate:                 502.24

Relative change:      +5.25%

High:                        514.88

Low:                         473.16

BCH/USD 60-minute chart

  • BCH/USD is set to retest a breached range-block formation, where $500 is seen at the top of this structure. 

BCH/USD daily chart

  • The bulls have extended to the upside following a daily breakout of a pennant formation. 

source:.fxstreet.

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Bitcoin Cash

Bitcoin (BTC/USD) jumps 15%; trading at highest levels since January 2018

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  • Bitcoin price on Wednesday in the second half of the session is trading with big gains of 15%.
  • BTC/USD is trading at the highest levels seen since January 2018, up within $13,500 territory.

The Bitcoin price is further exploding to the north, big gains of over 15% in the session, jumping into $13,500. It is the highest level seen since mid-January 2018, a time when the market was falling heavily, after the 2017 bull run.

BTC/USD has been largely outperforming its peers, running away with the noted double-digit gains. The door was left wide open to further gains, after a breach of the $12,000 price barrier.

The next major zone of interest will very likely be $15,000 price mark, where resistance of some significance can be seen on the weekly chart.

BTC/USD weekly chart

source:.fxstreet.

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