30 July BTCUSD Price Technical Forecast: Bitcoin is trapped in a range


Bitcoin is marginally lower on a daily basis amid lack of trading activity. How is the pair trading on the intraday level? The 30 July BTCUSD Price Technical Forecast reveals. 

30 July, GKFX – The Japanese cryptocurrency industry group considers introducing a ceiling on customer trading volumes, a local outlet reports, citing sources. 

JVCEA wants to protect small investors

Japan Virtual Currency Exchange Association (JVCEA) plans to make a decision on the issue in the nearest future and forward it to the Financial Services Agency. the approval of the official regulator will make the Association recognized as a self-regulatory body in accordance with the payment services law.

The proposed limit is supposed to provide better protection for small traders that may suffer heavy losses amid high market volatility. The exchanges will be offered two options:

  1. to implement a blanket ceiling which is low enough to ensure safety for customers with limited assets;
  2. or customized limit that will take into account investment experience, revenue, cost of assets and age of traders.

Cryptocurrency market reaction is muted as the proposed decisions of self-regulatory bodies with unclear legal status are not something to be frightened of. Bitcoin is trading in a narrow range, mostly unchanged since the start of the day. 

30 July BTCUSD Price Technical Forecast

On the intraday level, BTCUSD is well supported by below both 50 and 100 SMAs (1-hour chart) currently at $8,190 and $8,146 respectively.

Once this area is cleared, the downside may be extended towards critical $8,000 strengthened by 200-SMA and to 50.0% Fibo retracement at $7,862. On the upside, the local resistance is created by $8,274 (Asian high), followed by $8,300. 

BTCUSD, 1-hour chart

Disclaimer

This article 30 July BTCUSD Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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