- Japan’s regulator has recognized the self-regulatory body formed by 16 crypto exchanges April 2018.
- The 200SMA is and the 100SMA will offer support at $6,418.84 and 61.8% Fib level respectively.
Coinbase has hit the headlines today following the approval from the New York regulator to offer cryptocurrency custody services. The exchange sent an application to the authority in August. And after couple of months of a thorough review the US-base exchange has been licensed to offer custody services for Bitcoin, Ethereum, Ripple, Litecoin and Ethereum Classic. In other news, Japan’s regulator has recognized the self-regulatory body formed by 16 crypto exchanges in April 2018. The body will now be able to develop guidelines for exchanges in the country.
Read more here on the story here
Bitcoin price analysis
Bitcoin price has been trading sideways in the last couple of weeks following the correction from the declines at the beginning of the month. The price has also been range-bound since the recovery with the upside capped at $6,500 and the lower limit at $6,370. There was a correction from the support at $6,370 during the trading session yesterday where Bitcoin corrected above the broken support at $6,400.
The retracement heading to $6,500 formed highs at $6,460. Bitcoin is currently trading at $6,430 after a slight dip to $6,420. The 38.2% Fib level is holding the price while a drop below the trendline support threatens to cancel the gains towards $6,400. However, the 200SMA is and the 100SMA will offer support at $6,418.84 and 61.8% Fib level respectively.
XRP/USD 15′ chart
Share
