Bitcoin Today: High volumes on 6500 = growth above 7000?

Jul 6, 2018

Price
6700.0 resistance appears too strong for the price, for now, BTCUSD accompanied by lowering demand has declined to the 6400.0 support during the past day. Volumes distribution concentrates around the 6500.0 level or higher, which supports the possibility of further bullish moves, as we see that this price seems suitable for big buy-ins. To confirm an upward impulse, we will need to see a hike above the 6700.0 resistance. From the below – 6400.0 level supports bullish scenario, breakthrough below the 6400 level could bring the price back to 6000.0. Also note, that the longer price will stay in the lateral corridor (6400 – 6700) the more probability of decline to 6000.0.

Today forecast
Trading in the 6400.0 – 6700.0 zone. A breakthrough above the 6700.0 – upward signal. A breakthrough below 6400.0 – downward signal.

Latest news

• Bitcoin investors, beware! RBI ban on cryptocurrencies kicks-in, and you have only 2 options
  The RBI ban by asking banks and other registered entities to terminate their business relationships with firms and individuals dealing in cryptocurrency kicked-in from today. The RBI ban by asking banks and other registered entities to terminate their business relationships with firms and individuals dealing in cryptocurrency kicked-in from today. This means that cryptocurrency investors have only two options – do not transact or transact in cash. “The choking of banking channels means that virtually all cryptocurrency related transactions will have to be done in cash or not at all,” Rashmi Deshpande, Associate Partner at Khaitan & Co said.
  However, this is only a virtual ban, say cryptocurrency stakeholders, adding that there is a possibility that the government may come up with a policy to regulate cryptocurrencies in future. “I would like to say that Indian market just needs to be patient for the government to formulate a strategy which safeguards the interest of all investors in the country,” Sandeep Phogat, CEO, Panaesha Capital said.
  
• Israel Bitcoin Exchange Agrees to Share Customer Info with Tax Authority
  Bits of Gold, a major Israeli cryptocurrency exchange, has entered an agreement to share customers’ transaction details with the country’s tax authority.
  Under the terms of the agreement, Israeli cryptocurrency exchange Bits of Gold will provide information of clients who have made transactions exceeding $50,000 over the last 12 months to the Israel Tax Authority, local publication Calcalist reports citing sources familiar with the agreement.
  While Israeli law dictates that financial brokerages are required to pass on information of large and suspicious transactions to the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA), they aren’t necessarily obligated to do the same with the tax authority due to privacy concerns. For precedent, an Israeli court rejected a request by the tax authority to receive a client list from a bankrupt bank since those details are protected under privacy laws.
  It is therefore particularly notable that this agreement has come to light wherein Bits of Gold – an exchange with over 50,000 registered users – has agreed to pass on client information to the tax authority. The latter is said to be seeking the data to check for money laundering and tax evasion.
  The report also revealed that the tax authority audited the company’s books last month, ‘targeting not the company itself but its large-scale clients’. Bits of Gold is merely the first cryptocurrency exchange approached by the tax authority ‘in such a manner’, the report added, suggesting the agency will also be scrutinizing other domestic exchanges.
  As reported by CCN, the Israel Tax Authority first issued tax guidelines for cryptocurrency in early 2017. Bitcoin and other cryptocurrencies have been deemed as assets wherein retail investors and even bitcoin miners are levied fixed business tax rates. While individual investors are required to co