Steve Mnuchin has stated an intent to bring up crypto regulation at the G20 Argentina financial meetings taking place March 17-20. Mnuchin does not believe that crypto markets represent a threat to financial market stability, but believes some form of regulation is imminently required and wishes to more closely monitor potentials for illegal activity. While the news from this event could go either way, I am hopeful for a positive outcome. French finance minister Bruno Le Maire is not quite as optimistic and intends similarly to discuss this at the summit, citing risky market speculation as a primary concern.
I expect that on those dates we are likely to be at the top or bottom of the logarithmic pennant — bottom line established in March and June of last year, and the top being the downtrend from the ATH in December. Which, top or bottom, is likely to be decided by whether BTC price holds the 200-day EMA. I'm bullish on this prospect, and the 4hr indicators are oversold, but either can happen — the sell-off this week has had some extreme spikes in volume. Whichever side of the pennant, the outcome of this summit could be dramatic enough to force a breakout or it could be so banal as to have no effect. Just looking out for it!
I expect that on those dates we are likely to be at the top or bottom of the logarithmic pennant — bottom line established in March and June of last year, and the top being the downtrend from the ATH in December. Which, top or bottom, is likely to be decided by whether BTC price holds the 200-day EMA. I'm bullish on this prospect, and the 4hr indicators are oversold, but either can happen — the sell-off this week has had some extreme spikes in volume. Whichever side of the pennant, the outcome of this summit could be dramatic enough to force a breakout or it could be so banal as to have no effect. Just looking out for it!