Bitcoin (BTC) Price Analysis – February 11

  • The BTC price ranges above the $3,600 price level.
  • The BTC price will resume its downward trend if the bears break below the EMAs.
  • If the crypto’s price is sustained above the EMAs, the bulls will retest or break the $3,800 resistance level.

Bitcoin, BTCUSDBitcoin Chart By Trading View

BTCUSD Medium-term Trend: Bullish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,500, $3,300, $3,100

Last week, on February 4, the BTC price was in the bearish trend zone. The crypto’s price was trading above the $3,400 price level and below the 12-day EMA and the 26-day EMA. On February 8, the bulls broke the EMAs and the bearish trend line that was previously drawn. The crypto’s price is now in the bullish trend zone.

The crypto’s price reached a high of $3,800 but was resisted to a range bound movement. The BTC price now ranges above the $3,600 price level. On the upside, if the crypto’s price is sustained above the EMAs, the bulls will retest or break the $3,800 resistance level. On the downside, if the bears break below the EMAs, the crypto will resume its downward trend.

Meanwhile, the stochastic band is approaching the overbought region but below the 80% range which indicates that the crypto is in a bullish momentum and a buy signal.

BTC/USD Short-term Trend: Ranging

Bitcoin, BTCUSDBitcoin Chart By Trading View

On the 4-hour chart, the price of Bitcoin is in a bearish trend zone. On February 8, the bulls broke the EMAs, as price reached the $3,736.90 price level. The crypto’s price was making a series of higher highs and higher lows which was resisted at the $3,800 price level. The bullish trend was short lived as the crypto’s price was in a sideways trend.

The crypto’s price is now ranging above the 12-day EMA. If the bears break below the 12-day EMA and the 26-day EMA, the crypto will be in the bearish trend zone.The stochastic band is out of the overbought region and below the 40% range which indicates that price is in a bearish momentum and a sell signal.

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Weekly Newsletter

Tim Draper Calls Indian Government “Pathetic and Corrupt” Over Bitcoin Ban

  • Tim Draper calls the Indian government "pathetic and corrupt" over a proposed ban on cryptocurrency.
  • Unofficial drafted bill has emerged online making the use of cryptocurrency punishable with 10 years in prison.

American billionaire investor Tim Draper has called out the Indian government over its purported plan to ban bitcoin and all forms of cryptocurrency. 

Proposed Bitcoin Ban

On July 14, blockchain lawyer Varun Sethi published to Twitter an unofficial draft of a bill circulating the Indian government that would ban the use of cryptocurrency. 

In addition to prohibiting the use of bitcoin, the bill seeks to impose a 10-year prison sentence on Indian citizens who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.” The bill does allow one caveat for the digital rupee, which is a token issued and backed by the Reserve Bank of India (RBI). 

Pathetic and Corrupt

In response to the proposed ban, Tim Draper took to Twitter to vent his feelings against the Modi government. 

Draper, who is known for his massive investments in Baidu, Skype, and Tesla, has become a bitcoin bull over the years, in addition to issuing some of the more far-fetched price predictions.

The American investor has also been an active presence encouraging developing countries to consider the benefits of bitcoin and digital currencies. More recently, he advocated the utility of bitcoin to the Argentine government, a country that has been combating fiat hyperinflation for years. 

Others Weigh In

Other high profile individuals have voiced their disapproval over the Indian government considering a bitcoin ban, including Barry Silbert who predicted the decision having the opposite effect on bitcoin adoption. 

John McAfee also chimed in with his belief that governments have little control over the use of bitcoin. 

Supporters of the Ban

However, not everyone took kindly to Draper’s harsh criticism of the Modi government. Given the rise in cryptocurrency-related scams over the past two years, some Indian citizens believe banning bitcoin will be a net positive for the country. 

While Draper may be stirring national sentiment related to cryptocurrency, it’s worth noting that the Indian government has yet to impose a ban of any sort. However, given the amount of rhetoric over the last several months and the more recent emergence of the drafted bill, it appears the Modi government is indeed contemplating decisive action against bitcoin and digital currencies.