Bitcoin, Ethereum and Ripple could be taxed and does not help them

• The cryptocurrencies are struggling to recover from the most recent decline.
• The G-20 Summit, including Trump, discussed the taxation of digital currencies.
• The graphs show that a potential different for each cryptography.

World leaders including US President Trump, Chinese President Xi, German Chancellor Merkel, Japanese Prime Minister Abe, French President Macon, Russian Putin and many others have come to Buenos Aires over the weekend to talk about global issues. One of the top topics on the agenda was the cryptocurrency.

According to the Japanese news source jiji.com, the leaders want to create an international system that will tax cross-border payments. The goal of seizing cases of tax avoidance. He later explicitly mentions the use of cryptocurrencies in money laundering. Participating countries are working on a proposal that will be discussed at the next meeting in Japan before a final version is expected in 2020.

While there is enough time, the idea that all major countries in the world want to tax encrypted transactions does not help digital currencies, to say the least. And anyway they were not in such a big state.

The scramblers have not suffered another mortal fall, but they seem unable to recover. After Bitcoin recovered about 30% from the fund at $ 3.456, it started to slip again. Ripple and Ethereum followed soon. After almost every consolidation phase, another crisis has arrived, so the omens are not favorable.

BTC / USD technical analysis – in a wedge

Bitcoin is trading in a narrowing range since it reached the lowest level of $ 3.456. The resulting recovery at $ 4,400 sets clear boundaries for the triangle, or wedge. According to textbooks, the price should explode after this narrowing. But in what direction.

The Relative Resistance Index on the four-hour chart is a little lower, but not a disaster. At the time of writing this article, the price is close to 50 Average Moving Average.

Before $ 4,400, it's a bit of resistance at $ 4,051 which was the initial low after the grandfather of the coins lost $ 5,000. An additional resistance of over $ 4,400 is expected at $ 4,600, the recovery line in mid-November.

On the downside, we find $ 3,825 which initially limited Bitcoin in its recovery attempt. It is followed by $ 3,675 which provided support during the descent. It then drops to $ 3,456 and finally $ 3,000.

All in all, the current recovery model looks like a "rebound of a dead cat".

Technical analysis XRP / USD – Double critical fund

Similar to Bitcoin, Ripple is trading in a narrowing of the wedge, but upside support is more significant here. We see that XRP / USD has its RSI closer to 50, far from oversold conditions. Swap under the 50 SMA, a bearish sign.

Support is expected at $ 0.3550 which supported the pair in late November and early December, making it a critical double fund.

Further down, we see another double bottom at $ 0.3420. He provided support for two days at the end of November.

Lower, $ 0.3245 is the next level to keep eye after being the lowest point at the beginning of November.

On the upper side we have, not $ 0.3730 which served as support and then as resistance. It is followed by $ 0.3810 which cashed Ripple at the beginning of December. $ 0.3940 held XRP / USD down when it attempted to break above $ 0.40. The next line is $ 0.4050 which was the highest point of the recovery and the beginning of the bearish trend just as it was ending November.

ETH / USD technical analysis: better appearance

Ethereum is also traded below the 50 SMA, but Momentum is not significant on the downside. This is an improvement after the ETH / USDsuffered last weekend.

$ 110 provided support for the pair at the end of November and the price approached in early December. Further down, $ 106.20 was a low swing at the end of November. $ 101 was a low point twice in late November and defended the $ 100 round.

Looking up, significant resistance is only at $ 122 that held Ether down in early December. $ 127 was the highest point of a recovery attempt in late November.

All in all, the path of least resistance is on the upside.

It is the only higher currency to suffer from a clear "dead cat bounce" pattern.