- Bitcoin (BTCUSD on xStation5) is gaining a foothold as Chinese traders are back after the Golden Week
- Malaysian central bank will decide on cryptocurrency regulations by the end of the year
- Ethereum (ETHUSD) runs into a major resistance, the price seems to be set to get out of a triangle formation
Chinese traders have already come back to work after the Golden Week and their comeback coincides with a rebound seen in Bitcoin (+5.9% at the time of writing). Notice that the price rose during the weekend breaking finally a key resistance line at $4400. Taking a look at the current technical view one could assume that a possible pullback towards a green area would be a decent buying opportunity given strong momentum of an uptrend.
Bitcoin could be heading north after the price dealt with a resistance/support zone. Source: xStation5
Moving on, the Malaysian central bank (BNM) announced it would decide on cryptocurrency regulations by the end of the year, a possible ban was among considered options. Even as the BNM’s counterpart in China (PBoC) banned all cryptocurrencies, that scenario is unlikely to take place in Malaysia. According to CNN, BNM’s governor is fond of digital currencies, CNN cited him saying in September that “we hope that by year end, BNM will be able to come out with some guidelines on cryptocurrency, particularly those related to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector.”
Ethereum seems to be nearing a critical place from where a more meaningful move could begin unfolding. Source: xStation5
Technically Ethereum is getting closer to an end of a triangle formation which could bring about an extended move up or down. If the price is able to break its key resistance at $310, a further move to the upside cannot be ruled out. If so, bulls could eye $390 as their next target to tick. It’s worth also mentioning that Bitcoin and Ethereum have diverged over the course of the recent days, hence a rise in the latter would be needed in order to close the divergence.
Other news related to cryptocurrencies:
- JP Morgan has begun quoting the Bitcoin price, notice that JPM’s CEO called Bitcoin ’a fraud’ earlier.
- The number of Bitcoin ATMs in Russia is on the rise, ten of them have been installed recently in five districts of Novosibirsk.