CBX Weekly Newsletter // 27 May 2020
- Bitcoin can’t break $10K successfully
- Iranian President Calls for National Crypto Mining Strategy
- AWG Is Live! — Trading Gold Has Never Been So Easy!
Bitcoin can’t break $10K successfully
Some interesting changes are happening this week. The week of 18th May sees the market testing the 10k resistance again. However, the momentum was relatively weak and did not manage to push prices past it. This once again indicates the 10k resistance is strong at this point in time and a trend reversal is more likely to occur rather than a bullish push upwards. The trend line since 13th Of April has been broken, however the market has tried rallying back up towards it.
This has left prices within a vague area where it is difficult to determine if a downward breakout is in effect.
Expectations for this week are a downward breakout, or greater consolidation of prices.
As momentum is weakening, short entries can be taken when price closes below the purple zone. This would indicate a downtrend reversal and not a false breakout. The short positions can be held for the entirety of the yellow zone given the lack of support until the 6500 level, where profits can be taken. SL at trend line, as there is still some likelihood of a false breakout. TP level in the blue zone.
There may be upside potential but only if prices manage to break past the red box, $10500.
Opinions expressed here are not financial advice. Please exercise due diligence when making your own trades.
Iranian President Calls for National Crypto Mining Strategy
Iranian President Hassan Rouhani has ordered the government to draw up a renewed national approach for the emerging crypto industry.
Chairing Iran’s economic coordination headquarters — a seminar for the national economic strategy — earlier this week, Rouhani told officials from the Central Bank of Iran (CBI), energy department and information and communication technology ministries that they needed to devise a new national strategy for crypto mining, including regulation and mining revenue, Iranian news site ArzDigital reported Wednesday.
The news comes barely two days after the Iranian parliament published a bill proposing to apply the country’s strict foreign exchange and currency smuggling regulation to cryptocurrencies. The new parliamentary law would also require crypto exchanges operating in the country to first register with the CBI — possibly in a move to try and prevent too much capital leaving the country.
Penalties for smuggling in Iran can include fines and imprisonment.
Just months ago, the administration of U.S. President Donald Trump raised concerns that Iranians were using digital assets in order to circumvent sanctions.
Iran was one of the first countries to officially recognise cryptocurrency mining as a legitimate industry back in July 2019. The government now issues mining licenses, giving companies the right to mine and then sell off any digital assets produced. An industry report in January said Iran had issued over 1,000 such licenses in its first six months.
Iran currently has a 4% share in bitcoin’s total hashrate, according to the Bitcoin Mining Map, more than double what it was at the beginning of September 2019.
It’s unclear why Rouhani wants Iranian officials to revisit bitcoin mining regulation. With the clampdown on value leaving the country, in the form of cryptocurrencies, it’s possible the President wants to ensure miners, too, aren’t taking their money away from the government’s clutches.
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