BITCOIN (BTCUSD) – Week 16 – Short-term correction?
Coinbase, the largest cryptocurrency exchange in the U.S., became a public company this past week with the ticker COIN, driving the price of BTC past $65,000 USD. Bitfarms, a Canadian bitcoin mining firm, has announced that it is nearly finished with the procedures needed to be listed on the Nasdaq exchange. Bitfarms said in a press release that it is closely monitoring the listing and has filed the 2020 Annual Information with the Securities Exchange Commission. If the SEC approves Bitfarm's submission, it will become the latest crypto-focused company to list on the exchange.
Following months of economic turmoil that prompted locals to exchange their local currency for bitcoin and foreign currencies, Turkey would outlaw the use of cryptocurrency as a type of payment. Cryptocurrencies are excessively risky, according to Turkey's central bank, which may be used for illicit activities. Crypto funds are also “neither subject to any oversight and monitoring processes nor a single regulatory authority,” according to the bank.
Technically, on the 4h timeframe we are seeing a consolidation that has a high probability of breaking to the upside. One scenario however is a deeper pullback to the support area marked on the chart or the blue trendline and then shooting higher to new highs.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Following months of economic turmoil that prompted locals to exchange their local currency for bitcoin and foreign currencies, Turkey would outlaw the use of cryptocurrency as a type of payment. Cryptocurrencies are excessively risky, according to Turkey's central bank, which may be used for illicit activities. Crypto funds are also “neither subject to any oversight and monitoring processes nor a single regulatory authority,” according to the bank.
Technically, on the 4h timeframe we are seeing a consolidation that has a high probability of breaking to the upside. One scenario however is a deeper pullback to the support area marked on the chart or the blue trendline and then shooting higher to new highs.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
