Home Cryptocurrency Bitcoin Bitcoin price fluctuates above 3,640 USD but still fails to conquer the...

Bitcoin price fluctuates above 3,640 USD but still fails to conquer the next resistance area

Bitcoin price fluctuates above 3,640 USD with a slight increase on a 24-hour basis.

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Bitcoin price fluctuates above 3,640 USD with a slight increase on a 24-hour basis. However, the price of Bitcoin still fails to conquer the next resistance of 3,650 USD.

Cryptocurrency market is on the rise during the last few days, appreciating from 2019 low.

The price of Ethereum is up by 2.3% today to 123.56 USD, while Ripple appreciated by less than 1% to 0.3048 USD.

The total value of the cryptocurrency market is 122.333 billion USD.

Bitcoin price analysis

We recently saw an interim peak of 3,658 USD in the price of the Bitcoin. Later, the pair adjusted lower and traded below the 3,600 USD and 3,580 USD support levels, but today it recovered above 3,600 USD.

Bitcoin USD

Support levels of 3,540 USD and 3,550 USD act as a strong barrier for sellers.

The bottom was formed at 3,539 USD. Bitcoin broke the resistance of 3,600 USD and the 100-hour simple moving average (SMA). Additionally, there was a breakthrough over the 50% Fibo adjustment rate from the last decrease from 3,658 USD to 3,539 USD.

However, the price is facing strong resistance near the 3,610-3,620 USD area. More importantly, the yesterday triangle is in place with resistance close to 3,610 USD.

The pair is believed to be struggling close to the 61.8% Fibo adjustment rate from the last drop from 3,658 USD to 3,539 USD. That’s why a breakthrough of over 3,610 USD and 3,620 USD can set the pace for more profits.

The main resistance is 3,650 USD, over which the price may return to 3,720 USD. On the other hand, a break below 3,580 USD could encourage vendors to push the price even more.

The Bitcoin price seems to be a key breakthrough either above 3,620 USD or below 3,580 USD. Price action is positive, but buyers need to gain more than 3,620 USD for proper tracking.

Ethereum price analysis

We recently saw a short-term downward adjustment at the price of Ethereum to 125 USD. The Ethereum is traded below support levels of 122 USD and 120 USD. However, the 117-118 USD area acted as strong support and prevented additional losses.

Ethereum dollar

Losses were limited and later the price returned above the resistance level of 119 USD. Additionally, there was a break above the 50% Fibo adjustment rate for the last decrease from 125 USD to 117 USD.

The price even climbed above the 121 USD level and is currently well above the 100-hour simple moving average. The recent upward move, however, faced sellers near the 122-123 USD area.

Additionally, the 61.8% Fibo adjustment rate from the recent decline from 125 USD to 117 USD acted as resistance. The price is currently well above 120 USD, and it looks like it can continue to move higher.

On the upside, major resistances are close to the levels of 123 USD and 125 USD. On the downside, a major upward trend is formed near the area of 119 USD.

If there are corrective moves, buyers are likely to protect dips below 117 USD. On the upside, a break above 125 USD may push the price to 128 USD.

The SEC confirmed that the guidelines for crypto tokens are on the way

The US Securities and Exchange Commission (SEC) plans to clarify when securities laws can be applied to the sale of crypto tokens.

During a speech at Missouri University’s Law Department, Hester Peirce, one of the SEC’s commissioners, said the agency’s employees were working on “additional guidelines.” Their idea is to help the projects determine whether their crypto funding initiatives fall under the securities laws. She said that the classification of such proposals should be carefully considered as they do not always look like traditional securities offerings.

For example, the capital raised by ICO may mean that it is not owned or controlled by a company or person, as opposed to traditional securities that are controlled by issuers or promoters.

In November 2018, William Hinman, the CEO of Corporate Finance SEC, also said the regulator intends to release accessible English-written guidelines for developers of when and how crypto-tokens can be classified as securities.

As for the regulations of the cryptocurrency, Hester Peirce said that ambiguity is not such a bad thing and that delays in bringing regulatory clarity may allow greater freedom for blockchain technology to grow and develop adequately.

The commissioner also said SEC also considered whether new rules on space regulation should be introduced.