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Price analysis of bitcoins: constant BTC, RBI could legalize cryptocurrencies

Latest Bitcoin news

Although there are regulatory questions about the legitimacy of digital assets and other blockchain derivatives such as cryptocurrencies, these solutions are finding use cases. Bitcoin is above all an innovation born out of necessity, and ten years later, heritage has been interrupted thanks to its intrinsic properties such as privacy, speed and general efficiency. Furthermore, there is a solid development with regard to off-chain solutions. Network capacity increased by 13 percent to 511 BTC or $ 1,939,469.35 at the time of printing.

The use of money is swelling and, after two meetings, a government committee set up to investigate whether cryptocurrencies deserve to be banned in the second most populous country in the world suggests the opposite.

Already, the RBI – the central bank, prohibits banks under its supervision to deal with cryptocurrencies. In December, a legislative group meeting recommended a total ban by re-affirming the central bank's April stand. After the last meeting, the committee stated that the topic itself is complicated even if they "took input from exchanges of cryptocurrencies and experts".

A present senior participant had this to say:

"We have already had two meetings … There is a consensus that the cryptocurrency can not be dismissed as completely illegal, it must be legalized with strong pilots, the deliberations are active and we will soon have more clarity."

Bitcoin price analysis (BTC / USD)

Bitcoin

The community is confident, and even after 12 months of low lows, there is a consensus that the market is finally expanding. From a top-down approach, sellers could be in charge, but after the week ending on December 23 bull's solid bar, we now have a double bar reversal candelabra with decent volumes.

This is why we suggest loading in shorter periods of time whenever there are bullish signals. In the 4HR chart, prices are linked to the range and December 25, 0300 HR is evident. In order for the bulls to be in charge, we must see strong price rises that reverse these losses in light of above-average volumes.

Support is at $ 3,700 before resistance now support. The continuation of the trend will be printed once there will be earnings above $ 4,300 or maximum on December 23rd. Otherwise, losses of less than $ 3,700 could see Bitcoin prices fall to $ 3,200.

This is our Bitcoin business plan (BTC / USD):

Buy: $ 4,300

Stop: $ 4000

Target: $ 4,500, $ 5,000

All graphics courtesy of Trading View

Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.

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