Bitcoin, Still No Good News From EU Regulations

Bitcoin Technical Analysis

Day Trading Range: $6400 - $6755

Key Resistance: $6574 - $6653 - $6755

Key Support: $6488 - $6430 - $6372

Technical Indicators:

MACD: MacD showing heavy volume in upside bias.

Moving Avg: SMA50 ($6352.20) Strong Support & SMA100 ($6735.50) Strong Resistance for the day.

Technical Most Likely Scenario: Long Above $6400 with target $6650 - $6780 in extension.

Alternative Scenario: Short Below $6350 with target $6280 - $6200 in extension.

Fundamental:

Market anxiety over the EU Finance Ministers’ meeting on Thursday eased as the day progressed, supporting the 2nd half of the day rebound across the crypto majors, with the news wires silent on the discussions behind closed doors, fears of an intent to roll out heavy handed EU specific rules and regulations for the cryptomarket having contributed to the downward pressure through the first half of the week.

No news was good news as far as investors were concerned, with any news that has trickled from EU Finance Ministers suggesting that intentions are not to cripple the market.

Thanks
YoCryptoManic