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Bitcoin Rally Continues Near $11500 – Outlook Positive -

Feb, 20th 13:29

Bitcoin prices broke through the $11,500-mark for the first time since January, as the digital currency continued to recover from heavy selloffs at the start of this month.

Bitcoin was last up around 4% at $11,315, after hitting its highest level since January 29 at $11,666 earlier. Prices have bounced back sharply after falling to a four-month low of around $6,000 on February 6, 2018.

Sixteen Japanese cryptocurrency exchanges will fix plans as early as next week to create a self-regulating body in a bid to better safeguard investors after a $530 million digital money heist last month, two sources familiar with the plan said.

A plan to merge two separate industry bodies, the Japan Cryptocurrency Business Association and Japan Blockchain Association, had been dropped after talks stalled in favor of the new body to regulate exchanges registered with Japan’s Financial Services Association, the sources said.

Officials at the Japan Cryptocurrency Business Association and the Japan Blockchain Association were unavailable for comment.

Hackers last month stole about $530 million from Tokyo-based cryptocurrency exchange Coincheck Inc, exposing flaws in Japan’s system and raised questions over how Japan regulates the industry.

On the technical charts, Bitcoin is trading sideways testing the 200 day EMA. The market is trading above the 9 day, 20 day, 50 day and 100 day moving averages. The RSI is at 58.38 and the MACD is above the signal line.

Trade suggestion:

Buy digital Call options between 11160 and 11480, valid until 23:00 GMT February 20th, 2018