Technical Analysis of BTC/USD for April 17, 2023
April 17, 2023 7:24 amVideo
Latest News
- Technical Analysis – GBPUSD posts 2-month high before paring some gains May 29, 2024
- OPEC+ supply cuts to stay, but patience might start running out – Special Report May 29, 2024
- USD/JPY: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- GBP/USD: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- EUR/USD: Simple trading tips for novice traders on May 29th (US session) May 29, 2024
- Trading Signals for GOLD (XAU/USD) for May 29-31, 2024: sell below $2,346 (oversold- 200 EMA) May 29, 2024
- Trading Signals for EUR/USD for May 29-31, 2024: sell below 1.0851 (21 SMA – 200 EMA) May 29, 2024
- GBP/USD: trading plan for the US session on May 29th (analysis of morning deals). The pound continues its correction May 29, 2024
- EUR/USD: trading plan for the US session on May 29th (analysis of morning deals). The euro is pushing in the channel May 29, 2024
- EUR/USD. May 29th. Bulls are running out of strength, but inflation can help them May 29, 2024
- GBP/USD. May 29th. The pound is not worried about the lack of drivers May 29, 2024
- US stock markets rally but volatility plunges – Stock Markets May 29, 2024
- Video market update for May 29, 2024 May 29, 2024
- Market Comment – Dollar trades sideways as focus turns to US yields May 29, 2024
- Nasdaq hits 17,000 milestone as market swings continue May 29, 2024
- Forex forecast 05/29/2024: EUR/USD, EUR/JPY, GBP/JPY and Oil from Sebastian Seliga May 29, 2024
- USD/JPY: trading tips for beginners for European session on May 29 May 29, 2024
- GBP/USD: trading tips for beginners for European session on May 29 May 29, 2024
- Will core PCE inflation spur a less hawkish Fed? – Preview May 29, 2024
- EUR/USD: trading tips for beginners for European session on May 29 May 29, 2024
Crypto Industry News:
A few days before the hearing on this matter scheduled for April 19, a bill regulating stablecoins in the United States was published in the repository of documents of the House of Representatives. The draft stipulates that the Federal Reserve will be responsible for stablecoin issuers that are not banks, such as cryptocurrency companies Tether and Circle.
Stablecoins are cryptocurrencies that try to provide investors with price stability by relying on specific assets or using algorithms that adjust supply to demand.
According to the document, depository institutions that wish to issue stablecoins are subject to the supervision of the relevant federal banking authority, while non-banking institutions are subject to supervision by the Federal Reserve. Failure to register can result in up to five years in prison and a million dollar fine. Non-US issuers must apply for registration in order to operate in the country. In addition, issuers must demonstrate technical expertise and established governance principles, as well as the benefits of offering financial inclusion and innovation through stablecoins.
Technical Market Outlook:
The BTC/USD pair has made a new yearly high at the level of $30,909 and after a short period of consolidation, the market started to pull-back from the highs towards the level of $29,826. The intraday technical support is seen at the level of $29,679 and intraday technical resistance is seen at $30,503. When the pull-back is completed, then the up trend should resume as there is still some room to the upside for bulls with next target seen at the level of $32,370.
Weekly Pivot Points:
WR3 – $31,204
WR2 – $30,606
WR1 – $30,290
Weekly Pivot – $30,007
WS1 – $29,682
WS2 – $29,409
WS3 – $28,811
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: