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Following the September 2021 cryptocurrency ban by the Chinese government, it was gathered that some economists urged the government to reconsider crypto trading and mining favorably. One such person is Huang Yiping, an economics professor and former adviser to the Chinese Central Bank. We are now beginning to see a more lenient approach toward crypto investors in Asia, leading to what many are tagging as the next bull run. The question remains, is the Chinese crypto narrative bullish for mainstream cryptos?
Bitcoin is under pressure from the 50 and 200 period moving averages on the weekly timeframe. There is also considerable impact from the pivot line at $25k. These factors point credibly to a bearish intent. However, we will also consider the outlook on the Daily timeframe.
Based on what we've seen from the weekly timeframe and the current reaction, we see clearly from the resistance line in the daily timeframe. The primary target would be the $22k area.
Analysts’ Expectations:
Direction: Bearish
Target: $22 000
Invalidation: $25 000
Here is the weekly timeframe chart for ETHUSD. So far, $1724 has acted as a natural resistance zone, pushing the price down quickly. There is also the 50-period moving average glaring down viciously at a price. To conclude this sentiment as a mature one, let's see how things are looking on the daily timeframe.
The Daily price action here confirms our sentiment from the weekly timeframe. The $1724 resistance is a key zone even though we have the 50-day moving average closing in on the price.
Analysts’ Expectations:
Direction: Bearish
Target: $1550
Invalidation: $1725
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
This year started with a beautiful bullish price action from the crypto markets. However, the current bearish movement is already causing many investors and traders to panic is interesting.
The crypto space has seen considerable movement since the beginning of 2023, creating what some analysts call a "crypto bull run." Even though most crypto coins eligible for a massive 'bull-run' are typical 'meme coins,' there may still be some exciting opportunities for mainstream traders to seize.
Recently, on the 16th of January, 2023, Thailand Securities Exchange Commission issued fresh rules in its continued efforts to protect investors' assets and build confidence in the crypto space. This comes right after Bitcoin surged above $20k, however, the question to ask is; will this be enough to kickstart a full recovery for crypto coins?
In today's article, we will be performing an interesting analytical experiment - Correlation! To start, I have chosen a few indices that we will be observing. It's just like we're analyzing...
I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
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