Downtrend continues

DaveJordan

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Now the mood of investors is still vague and trading operations are now mainly carried out by speculators. At the weekend it became known that another major project (Twitter) will soon ban advertising. The Japanese exchange Coincheck will stop servicing trades with three anonymous cryptocurrencies: Monero, Dash, and ZCash. The head of the Bank of England sees no reason to tighten control over digital currencies, which so far does not coincide with the opinion of other participants of the G20. But there are supporters of this idea. The Financial Stability Board does not see any reason to create new laws to regulate the cryptocurrency market but believes that it is better to revise the old ones. For now, we see that the bearish market remains and with it the investors' expectations remain for the continuation of the downward price movement. Over the weekend, bitcoin again updated its local lows and reached the level of 7240,00, through which the trend line passes from July last year. But against the background of expectations associated with the beginning of the G20 meeting, bitcoin quickly rose to the previous level of resistance 8400,00 which the price repeatedly tested for breakdown upwards. It is too early to talk about a trend change because the price is at the upper boundary of the descending channel, which began in January of this year. Negative news and the lack of agreements between the participants of "G20" may affect speculators and the price will continue to decline. The variant with growth should be considered if the bitcoin price breaks the resistance level of 8600.00 and gain a foothold above it.

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