The price of the major cryptocurrency Bitcoin [BTC] dipped below the moving averages as on 19th Sept.,howeverthe bearscouldn’t capitalize on the fall,after theworthclimbed back, a succeedingday after. The 20-day EMA is flatwhilethe 50-day SMA isbit by bitsloping down. The RSI is at the midzone. Allthe indicators along with the priceactionrecommenda state of equilibrium between thebuyersandsellers.
If the Bitcoin [BTC] bears break below $6,500 USD,the next downfall is expected to be around$6,200 USD. Thevitallevel on thedownsideis thesupport zone of $5,900 USD–$6,075 USD. If this breaks,we tend toanticipate panicmercantilismthat mayend ina steep decline.
On thetop,a possibility of Bitcoin [BTC]out of $6,831.99 USDcanattractpurchasingand force the short sellersto covertheir positions,drivingthe BTC/USD pair to $7,400 USD.
However, the volumes havedroppedandthere’snoassuredtradingeither from the bulls or the bears.We’ve gotto wait for either partyto makea decisive move. Until then, sluggish,rangecertainactionis probably goingto continue. Investorswhoown long positionsare expected tokeep aprotectingstop at $5,900 USD.
On the another hand, the second major cryptocurrency Ethereum [ETH] continues to trade below moving averages,thatcould be anegative sign. It’s expected that it would slide tothe primarysupport at $192.5 USD, below a retest of the 12th Sept. low of $167.32 USD is probable.
On thetop, if the ETH/USD pair breaks out of the moving averages, itwillreachthe peakof the $192.5 USD–$249.93 USD range.The digital currencywouldbecome positive if itwillscale $250 USD. If the bulls sustainhigher thantherange, a rally to $322 USD is probable.
Earlier in year 2017 along with this year, Bitcoin [BTC] price volatility was a trending tropic. It had beencitedjointly asof the key deterrentswithin themass adoption of digital currencies. Forward to thelast Qtrof year 2018,along with the20-day historical volatility [HV] of Bitcoin [BTC] has fell to around 31.5%, below that ofprimestocks like Amazon, Netflix, and Nvidia, whose HV’s are31%, 52%, and40%considerably.
FATF – The Financial Action Task Force, a world-wide anti- money laundering [AML] supervisory body, can established rules to monitor digital currencies by June next year. The FATF,a world-wideanti- money laundering [AML] supervisory body, can establishedrulesto monitordigital currencies by June next year.This is expecteda welcome stepthat mayproduceuniformlaws andreducethe utilizationof virtual currencies for laundering and terrorist fundings.