Following yesterday’s FUD – Binance exchange possible API hackwhich affected its users and the SEC tightening its regulation on crypto exchanges, Bitcoin had continued down, breaking the major support area at $9,000. It’s typical as the major support gets broken, we had a quick drop to test next support level at $8,400. As of writing these words, support at $8,400 held.
The overall picture looks very bearish, as we created a double-top form at $11,600. Support level lies at $8,400 and behind lies the strong support at $7,800-8,000 area. Breaking it down, and the low of $5,800 will feel in closer range.
The RSI indicator (marked on the chart) is at the over-sold zone, which might lead to a correction before the continue down. Resistance level is at $9,000, where support turned resistance.
BTC/USD BitFinex 4 Hours chart
BTC/USD BitSTAMP 4 Hours chart
Special Analysis: Stellar
Lots of hype surrounding Stellar recently. If indeed, it’s developing a cheaper solution for ICOs than the famous Ethereum’s ERC-20 or whether it’s Stellar’s collaboration with keybase.
Against the USD Stellar is trading around $ 0.27, support is at $0.2 cents. Against Bitcoin, Stellar is trading around 3000 Satoshi. In this range, 2700 Satoshi is support and resistance lies at 3400 Satoshi.
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