A BTC/USD Retracement Is Set For The Week
On Monday, Bitcoin started the week in a bullish momentum with charts surging to $10, 650 in the intra-day trading session. However, a pullback followed soon and the price retraced to lows of $10,200 before the price consolidated above it. However, various indicators show that a further retracement is looming with a lower support level of $9,200. Consequently, the Bitcoin effect is set to impact most Altcoins with short term outlooks looking bearish. Even though a bullish breakout is also probable in the projected timeframe, what’s important is that it is currently a buyers’ market.
Will BTC/USD Charts Show A Bullish Pattern In Q4 Going By Historical Charts?
With days to the last quarter of 2019, Bitcoin hodlers are starting to wonder whether a rally is in the offing. Historically, BTC has been bullish on the last quarter and one can only wonder whether a breakout is about to occur in the year. However, since the probability of history repeating itself is not always guaranteed, there are a few factors that investors can use to forecast the Bitcoin trend. These factors include trade tensions, negative interest rates, and depreciation of currencies across the world. If all other factors remain constant and history repeats itself, BTC/USD is slated to trade above the current psychological level of support of $10,000.
IRS Notifies Crypto Investors On Tax Return Declarations
US-based Cryptocurrency investors have been notified by the U.S. Internal Revenue Service (IRS) about discrepancies in their tax declaration data. The IRS has hence sent letters to some of them and is offering call-in assistance in case there is a misunderstanding. The letters that have been codenamed CP 2000 have a specified date by which all recipients have to respond. Failure to respond or declaration of fraudulent tax returns will lead to the dispatch of a Statutory Notice of Deficiency letter IRS Notice CP3219A followed by sanctions.