Price analysis 10/7: BTC, ETH, XRP, BCH, BNB, DOT, LINK, LTC, CRO, BSV – Cointelegraph

Price analysis 10/7: BTC, ETH, XRP, BCH, BNB, DOT, LINK, LTC, CRO, BSV - Cointelegraph

Crypto prices may be in a rut but that doesn’t mean product development and acquisitions cease to occur. This week Japanese financial firm SBI Holdings acquired a 100% stake in TaoTao cryptocurrency exchange

With the latest acquisition, SBI now owns two cryptocurrency trading platforms. This suggests that the financial conglomerate is betting on an increase in cryptocurrency trading in Japan and is positioning itself to benefit from it.

While countries like China and South Korea have not fully embraced digital currencies, they are racing ahead in testing the feasibility of a central bank digital currency. The South Korean central bank recently announced that it will start the final build and distribution phase of the CBDC pilot scheme next year. However, the central bank has not revealed any plans to launch the CBDC yet. 

Daily cryptocurrency market performance. Source: Coin360

In other news, the United Kingdom’s Financial Conduct Authority believes that retail traders could lose money if they trade in cryptocurrency derivatives products and exchange-traded notes. Therefore, the regulator has banned these products for retail consumers

At the moment, it seems that negative news is dominating the crypto sector and prices, along with investor sentiment is suffering as a result. One positive is, with depressed prices at least comes the opportunity to open new long positions. 

Let’s take a look at the charts to see what opportunities exist.

BTC/USD

Bitcoin (BTC) is currently stuck in a tight range as seen from the narrowing of the Bollinger Bands. Previous instances of similar tightening resulted in strong trending moves. There was an up-move toward the end of July, and a downside break in early September.

BTC/USD daily chart. Source: TradingView

Although it is difficult to predict the direction of the breakout from the Bollinger bands, the relative strength index may provide some insight as it is considered a leading indicator for anticipating price movements.

Currently, the RSI is in a symmetrical triangle, which shows indecision among the bulls and the bears. If the RSI breaks and sustains above the triangle,
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