Bitcoin (BTC) Technical Analysis July 9th, Is Regulation Good for Crypto?

Regulators play a key role for Bitcoin (BTC) and other alt coins and safe BTC gaining seven percent in the last week, we should see increased government involvement in the days to come. On another angle, our buys are live and all thanks to last weekend’s surge above $6,800. We might see more gains in the coming days and that is why I recommend buying on dips with stops at $6,400.

From the News

There is one challenge that virtually all cryptocurrencies face: that of regulation. Well, the thing is more and more economies are thawing and beginning to be receptive of the ideas which blockchain technology tags along with.

Most of them have also realized that there is nothing sinister behind innovations as Bitcoin and other cryptocurrencies as the mainstream media try to depict. Fact is, Mark Carney said blockchain solutions would be revolutionary and were seconded by recent EU backed research findings while acknowledging that Bitcoin investment posed no threat to their fiat economy.

It is because of such moves and supportive governments that we are beginning to see inroads even in Africa. Recently, the Central Bank of Kenya and the Treasury was given a two weeks ultimatum by the parliament to give their position of cryptocurrency trading in the country. Data shows that more and more Kenyans are tapping in the benefits of Bitcoin, forming fund pools and mining data centers.

Besides, there is an increasing number of businesses accepting Bitcoin as a form of payment in the country. This is overly good not only for Bitcoin but for other cryptos as it helps change the general narrative peddled by the media that Bitcoin is a fallacy, a fad and hot air that will fade out with time.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Bitcoin BTC Weekly Chart July 9
Click here to see the full size Bitcoin BTC Weekly Chart July 9

In the last week, we have seen Bitcoin prices trading above $6,500 gaining seven percent in the process. All thanks to these gains, now we have a nice double bar bullish reversal pattern right at the main support line at $6,000.

What’s more? Pasting a simple Fibonacci retracement tool between BTC 2015 and 2017 highs shows that prices are reversing at around the 61.8 percent correction level. This is an important point as historical price action shows. Because of last week’s confirmation and despite it happening inside a deep bear wave, we shall recommend buys on every dip in lower time frames.

Daily Chart

Bitcoin BTC Daily Chart July 9
Click here to see the full size Bitcoin BTC Daily Chart July 9

After periods of lower lows and retest of $6,000-a key support line and April lows, it seems like Bitcoin prices are making a turn for the better. After that 10 percent appreciation over the weekend, our buy triggers at $6,800 were hit meaning our buys are live. As such, in days to come I recommend buys on dips in lower time frames with stops at July 2 lows at $6,400. Targets are at $10,000, a psychological price level in our analysis.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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