Industry news:
According to a blog post, crypto exchange Kraken is excited to recommit resources to grow its services in the region through new features and offerings. The exchange claimed that they have long served the Indian market with a full suite of exchange products, including spot, derivatives, and futures. Kraken believes that with its youthful and tech-savvy population, they are excited to help again Indian customers re-enter the crypto market. Earlier, the global blockchain company HashCash Consultants announced to invest $10 million in the Indian crypto market.
Technical analysis:
BTC been trading downwards. As I expected, the BTC started with downside continuation. In my opinion, the level at $8.460 seems like a strong resistance level and potential short-zone. In the background, there is the gap down and the BTC is trying to test the gap area. There is no indication of any reversal yet.
Watch for selling opportunities on the ralllies with the main target at $6.475.
MACD is showing the new momentum down, which is good confirmation for the further downside.
Major resistance is set at the price of $8.460
Support levels are set at the price of $7.615 and $6.476
