India's central bank, the Reserve Bank of India (RBI), has unveiled its framework for a fintech regulatory sandbox. While blockchain and smart contracts are welcomed, the bank stated that cryptocurrency and related services "may not be accepted for testing.". Price action still confirms indecision.
Technical picture:
According to the H4 time-frame nothing changed since our yesterday's analysis. We found that there is rounding top formation in creation, which is sign that BTC is under the distribution process. Probably some bigger traders are looking to sell larger amount so the distribution is underway. Support at the price of $4.900 is very important for swing traders since the breakout of this level may confirm downward movement. Key resistance is seen at the price of $5.445. Keep in mind that period of low volatility is expected on Friday and Monday due to holidays.
On the Futures market we found that after the strong push higher in the background and climatic action, there is the decreasing in the volume on the upside, which is sign that there is no big interest on the upside so selling may be a good option going further. Pay attention on the supports at $4.646 and $4.130, since these levels may be a very good levels to scale out our potential sell positions.
The material has been provided by InstaForex Company - www.instaforex.com