Bitcoin (BTC) On A Roll, Bulls Ecstatic After Italys New Tax Proposal

Bitcoin (BTC) expands, up 7.4 percent
Capital flight from Italy could end up in Bitcoin

By zeroing in and targeting personal saving accounts, Matteo Salvini, the Deputy Prime Minister of Italy, is inadvertently advertising Bitcoin. Resilient and thriving with an unpopular decision, BTC bulls are back. Ending the week strongly, prices are up 7.4 percent from last weeks close.

Bitcoin Price Analysis


Generally, Bitcoin is a machine, a juggernaut whose benefits is enough to promote the first successful digital asset. Withstanding the test of time, shaking off critics-and governments attempts to stunt its growth, Bitcoin is on overdrive thanks to the Network effect.

Law enforcement and the FBI were successful in dismantling the founders of Silk Road and punishing Ulbricht, but Bitcoin shook off the Fear, Uncertainty and Doubt (FUD). Before the great financial crisis, there had been attempts. However, none were successful.

Leveraging the power of the masses, the elusive Satoshi created a self-lubricating robot propped by everyday people fed up by banks. So BTC is back full circle to the early days of Bitcoin. The Italian government is pushing citizens to the wall .

Keen on raising more revenue, Matteo Salvini is going after personal saving held in private bank vaults. As a result of this controversial decision, a Twitter user, Giacamo Zucco, is elated. Saying the move is a direct endorsement of Bitcoin, he sarcastically lauds the government saying:

Never been more proud than these last few days of Italys role in promoting Bitcoin! This is just one of many tweets of the same kind! They say that Bitcoin, unlike scam coin, has not a marketing department. Not true: its marketing department is the socialist Nation States.

Candlestick Arrangements

Currently, BTC is trading within a bullish breakout pattern. Adding 3.1 percent and 7.4 percent in the last day and week respectively, bulls are back. However, in line with the previous BTC/USD trade plan, the best approach going forward is to be cautiously optimistic going forward.

Because of this stance, there is an opportunity for aggressive traders to accumulate in smaller time frames as they aim at $8,500 or $9,100.

On the reverse side, a definite close above $9,100 complete with high trading volumes will set the ball rolling for $10,000 or better.

Technical Indicators

From the daily chart, May 30th candlestick has superior participation, albeit being bearish. As such, it props this trade plan. Any close above $$8,500 or May highs should ideally be with better trading volumes exceeding 31k or 47k of May 14th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

The post Bitcoin (BTC) On A Roll, Bulls Ecstatic After Italys New Tax Proposal appeared first on NewsBTC.

14.06.2019 / 11:20 26
Italys Planned Mini-BOTS Draw Comparisons To ICO Utility Tokens Italys Planned Mini-BOTS Draw
Doubts were raging over Italys plans to issue a new currency called mini-bots this week after it appeared it would have nothing whatsoever backing
First Congressmen, Now Italian Government Providing Free Publicity for Bitcoin First Congressmen, Now Italian
Being a decentralised project, with no CEO or board members, Bitcoin has always been lacking an official marketing department. However, that has not
Italys Economic Problems a Boon for Bitcoin (BTC) Italys Economic Problems a Boon for
Reports by Italian newspapers say that the Italian government has proposed a tax on cash and other valuables hidden in bank vaults. Matteo Salvini,
A Boon for Bitcoin? Italian Government Proposes Tax on Savings in Held in Bank Safes A Boon for Bitcoin? Italian Government
The Deputy Prime Minister of Italy has proposed a new tax on cash and other valuables held by citizens at banks. If actually imposed, the measure
Italy Announces First Set of Regulation for Blockchain Technologies Italy Announces First Set of Regulation
The Italian government does not want to lag in the international race to adapt state policies to blockchain technologies and after a period of calm,
Italys Economic Pain Is the Bitcoin Prices Gain Italys Economic Pain Is the Bitcoin
Perhaps it took an economic crisis of another kind to lift the cryptocurrency markets. Italys economy is reeling amid a political crisis that has
Comments (0)
Add a comment
Comment on