South Korea news update

Bitcoin price sell off on South Korea update

Bitcoin price key Highlights:-

* Bitcoin price broke below its short-term triangle consolidation and rising channel to pave the way for a larger pullback.

* The Fibonacci retracement tool shows the potential support levels where buyer's could be waiting.

* Price might also be forming a larger ascending channel on its four hour time frame as indicators still support an uptrend.

* Bitcoin was unable to sustain the climb after previously consolidating, as a larger correction sea necessary.

Technical indicators signals

* The 100 SMA is safely above the longer term 200 SMA to indicates that the path of least resistance is to the upside.

* Although price already broke below the 100 SMA dynamic support to signal a pickup in bullish pressure the gap between the moving averages is still wide enough to suggest that there is no imminent threat of a bearish crossover.

Hong Seong-ki head of the country's Cryptocurrency response team south services commission:

While Crypto markets have seen rapid growth, such trading platform don't seem to be well-enough prepared in terms of security. We are trying to legislate the most urgent and important things first aiming for money laundering prevention and investors protection.
The bill should be passed  as soon as possible.