Bitcoin Price Trend Is Weak, Still Maintain Range Consolidation

 2021-07-15 11:02:44

Paraguayan Congressman Carlos Rejala stated that the Paraguayan Bitcoin Regulatory Act will be able to protect and optimize its possession of renewable energy. The bill provides a clear regulatory framework for the crypto industry to attract foreign investment and protect Paraguayan consumers through the practice of processing, trading, or custody of digital assets. At the same time, the bill also uses active and clear supervision to prevent money laundering, so that investors can obtain legal and financial protection when investing in crypto assets in Paraguay. This is undoubtedly good news. Appropriate regulatory bills will help protect the market environment and facilitate the development of the crypto market.


It is reported that the US government intends to crack down on the use of cryptocurrency to counter ransomware attacks. Its method is to more strictly track the ransom income paid by companies, organizations, and government agencies around the world to hackers. On Wednesday, the US Deputy National Security Advisor stated at a virtual briefing with members of Congress that the White House has established a ransomware task force, and the government’s strategy includes actions to destroy ransomware.


Back to the market, today the market is still going down. In the morning, it dashed for a small wave and it broke through $33,000, but it didn’t stand firm, and it continued to fall. The lowest position was near $32,000, and the current price is hovering around $31,900.


From a technical perspective, the medium-term indicators still need to pay attention to this MACD. Since the high level fell, no matter how it rebounded later, the MACD has not stood on the 0 axis, indicating that this is still a slightly weaker state, and once it stands up above the middle track, that may mean the recovery from the track.


Technical indicators:

Hourly MACD – The MACD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is now just above the 25 level.

Major Support Levels – $31,500, followed by $31,000.

Major Resistance Levels – $33,200, $33,500 and $34,000.


DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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