Hong Kong is pivoting toward a friendlier regulatory regime for cryptocurrencies with a plan to legalize retail trading, contrasting with the city’s skeptical stance of recent years and the ban in place in mainland China. A planned mandatory licensing program for crypto platforms set to be enforced in March next year will allow retail trading,…
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The employee-led DAO will take charge of issuing grants to external developers building within the MetaMask ecosystem.
BTC’s price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $21,500. BTC faces a major decision test to trend higher above $21,000 after the price broke out of its downtrend descending triangle price movement. BTC’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies. The price of Bitcoin (BTC) has continued to hold strong as price trends toward the region of $21,000 as price faces a key decision ahead of a big move considering how tough breaking these regions has been for Bitcoin (BTC) price for some time now. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. With Bitcoin price rallying from $19,000 to a region of $20,800. (Data from Binance) Related Reading: Ethereum Price Holds Strong at $1,500: A Strengthening Case for Upside Bitcoin (BTC) Price Analysis On The Weekly Chart. Bitcoin has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of BTC hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of $$18,500 to a high of $25,000 before facing rejection from that region. After having BTC’s price trade in a range for weeks as the price continued its boring move from $18,800 to $19,200, the price finally showed some steam, rallying to a high of $20,800 after closing strong above $19,500 on the weekly chart. The price of BTC faces a tough decision to rally to a high of $21,500 as this could trigger more upside movement to a region of $23,000 and possibly $25,000. With the structure of BTC and good volume, we could see more rallies if the price is accepted from above $21,000. Weekly resistance for the price of BTC – $21,500. Weekly Support for the price of BTC – $19,500. Price Analysis Of BTC On The Daily (1D) Chart In the daily timeframe, the price of BTC continues to trade below the key resistance at $21,600. After breaking out from its descending triangle, BTC’s price rallied with good volume from $19,500 to a region of $20,800 as the price faces a key decision time to trend higher. The price of BTC needs to break and hold above $21,600 for the price to trend higher to a region of $22,000 and possibly $32,000, which is a key supply zone for most traders. The Fibonacci retracement value of 38.2% indicates BTC is struggling to close above this value. A close above this value will enable a price rally to a 50% Fibonacci ratio corresponding to $21,600, acting as key resistance for the BTC price Daily resistance for the BTC price – $21,000-21,600. Daily Support for the BTC price – $19,500. Related Reading: Big Day For Bitcoin As Investors Eye ECB And US GDP Numbers Featured Image From BBC, Charts From Tradingview
Officials in Kazakhstan continue their close relationship with Binance, as the National Bank plans to integrate its CBDC on the BNB Chain.
Financial authorities in Singapore have proposed new regulations designed to protect consumers from risks associated with cryptocurrency investment and trading. The measures, which also aim to expand regulations for stablecoins, will be discussed with the industry before their adoption. Singapore Prepares to Tighten Cryptocurrency Regulations, Limit Public Access to Digital Assets The Monetary Authority of […]
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Take it from me – nows the time to be accumulating. And don’t get cold feet or you’ll end up missing out on lucrative returns. Now is the perfect time to enter crypto. If your new here, buy, and if you’ve been here a while, don’t stop holding. In 2018-2020 I was accumulating like crazy.…
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Ethereum gained pace and broke the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might eye more upsides above $1,600. Ethereum is showing positive signs above the $1,500 and $1,520 levels. The price is now trading above $1,520 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $1,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rally again if there is a clear move above $1,560 and $1,580. Ethereum Price Eyes Fresh Increase Ethereum gained pace after it broke the $1,400 and $1,420 resistance levels. ETH even cleared the $1,500 level and settled above the 100 hourly simple moving average. The price surged towards the $1,600 level and remained well bid. A high was formed near $1,593 before there was a downside correction. There was a move below the $1,580 level. Ether price even tested the 23.6% Fib retracement level of the upward move from the $1,339 swing low to $1,593 high. It is now trading above $1,520 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $1,560 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $1,560 level and the triangle trend line. The first major resistance is near the $1,580 and $1,585 levels. The main barrier is now near the $1,600 zone. A clear upside break above the $1,600 resistance zone could open the doors for a strong increase. In the stated case, the price might climb towards the $1,750 level. Dips Limited in ETH? If ethereum fails to climb above the $1,580 resistance, it could start a downside correction. An initial support on the downside is near the $1,525 level and the triangle zone. The next major support is near the $1,460 and $1,450 levels. It is near the 50% Fib retracement level of the upward move from the $1,339 swing low to $1,593 high. A downside break below the $1,450 zone might start a fresh decline to $1,400 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,450 Major Resistance Level – $1,580
The Bitcoin price has woken up from its Snow White slumber over the past two days. As NewsBTC reported, the price rally started shortly after the Dollar Index (DXY) showed weakness and suffered a sharp setback. For much of 2022, Bitcoin and the dollar index were inversely correlated. While the DXY was rising relentlessly and all fiat currencies around the world were depreciating, the USD was gaining massive strength. However, this trend was also extremely negative for the Bitcoin price, as a strong USD meant a weak Bitcoin. The inverse correlation was seen again on Tuesday. A prolonged period of weakness for the DXY could thus mean further momentum for the bitcoin market, which has a short-term bullish bias. In this respect, today (Thursday) is an important day for the Bitcoin market, as both the European Central Bank (ECB) will report on its future policies and the American GDP figures will be released. Related Reading: Reasons Behind The Bitcoin Price Rally – Is It Sustainable? Bitcoin Price At The Navel Of Central Banks Within the DXY, the dollar is currently near a more than one-month low against a basket of currencies in which the Euro has a weighting of 57.6%. The decline comes after speculation increased that the U.S. Federal Reserve will move to less aggressive rate hikes to mitigate recession risks. Rodrigo Catril, senior currency strategist at National Australia Bank, told Reuters that fundamentally, there are factors that are still favoring the U.S. dollar: rate differentials and the fact that the Fed still has more work to do. However, in short-term his expectations are different: But certainly near term, given how much was priced (in), we’ve seen a bit of retracement in the dollar. […] Our sense is that it’s a bit of a consolidation of the recent moves rather than extension of further dollar declines. Today’s GDP numbers may encourage the FED to stick to its current policy and not hit the brakes just yet. Related Reading: Bitcoin Price Grinds Higher, Why BTC Could Lift-off To $25K Therefore, whether the Bitcoin price can continue its rise will also depend on today’s release of gross domestic product (GDP) figures in the US. The Federal Reserve (FED) will keep a close eye on these numbers. Analysts expect the US economy to have grown by 2.4% in the third quarter. This could signal the FED that its interest rate hikes are not having too much of a negative impact on the economy at present. As for the ECB, Catril commented that what the ECB says today will be important. “The question is whether they want to show that full commitment to the inflation mandate, or whether they show weakness or concerns in terms of what looks to be a challenging growth outlook.” Ahead of today’s announcements, the Bitcoin price is in a wait-and-see mode while showing a small correction after the recent spike.
