FX.co ★ BTC 07.18.2019 - Potenteial new momentum down is on the way

Industry news:

The G7 group of nations has warned that cryptocurrencies such as Facebook's Libra are a threat to global financial stability.A task force set up by the G7 to examine the issues said that rules of the "highest" standards are needed to minimize the use of digital currencies in money laundering and funding terrorism, Reuters reportsThursday.

Following a meeting of finance chiefs from the G7 in Chantilly, France, this week, the group also said it would address tax issues raised by the digital economy, as per a draft summary of the meeting obtained by Reuters.

Technical view:

BTC did trade exactly what I expected yesterday. BTC did test and reject of the important resistance at the price of $10.000 (red rectangle), which is for me sign of the weakness on the BTC. Additionally, I found that there is the bear divergence on the %Bollinger oscillator, which is another sign that sellers are in control. The trend is down and you should watch for selling opportunities. Downward targets are set at the price of $9.062 and at the price of $8.182.