Bitcon fell away from 100 and 200 hour MAs in trading yesterday

The Japan Ministry of Finance is mulling tackling tax avoidance in crypto trading.  This according to Nikkei.

According to the report:

  • Ministry is also mulling having crypto currency exchanges deduct withholding tax
  • Could it mandate declarations by those who hold a certain amount of assets or make overseas remittance

The price of bitcoin on Coinbase is trading up $21 at $6264.71 in the new day on the Coinbase exchange.  Yesterday, the price finally fell away from the 100 and 200 hour MAs and below lows going back to October 15th. The price of bitcoin, has been trading in a narrow $6345 to $6493 range for 14 days. The break lower yesterday took the price to a low of $6211.  

Targets on more downside momentum come in recent lows including:

  • $6151 – low from October 15
  • $6105, swing low from October 11
  • $6033, another swing low from October 11.  

A move above the $6345 swing low from October 15th would need to be broken to give buyers more control. The 100 day MA is at $6385. The 200 day MA is at $6396.  Staying below each of those levels, keep the sellers more in control. 


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