The situation of cryptocurrencies on the American market is boiling. This confusion is caused by the actions of the SEC in relation to the Binance US and Coinbase cryptocurrency exchanges. Asia is not going to pass up such an opportunity and is opening up to cryptocurrencies and blockchain technology more than ever before.
It’s a high-stakes game as investors concerned about the actions of the US Securities and Exchange Commission seek a haven of peace. It turns out that Asia, i.e. both Singapore and Hong Kong, may turn out to be a real Eldorado for cryptocurrencies.
An interesting example of a change of front regarding digital assets is China, which introduced huge repressions on the cryptocurrency market in 2021. All activities related to digital assets have been banned. This fact caused a mass exodus of companies related to cryptocurrency mining.
Interestingly, the People’s Bank of China is considering a return to cryptocurrencies, and the Chinese government has become seriously interested in the idea of CBDC. In January 2023, the People’s Bank of China announced that there are already 13.61 billion CBDC digital Yuan in circulation, which is 0.13% of the money supply. It is worth noting that since then, the CBDC has expanded to the “One Belt, One Road” initiative, which is a modern reactivation of the Silk Road. Moreover, the digital Yuan also serves as a means of payment for consumers, e.g. when paying for daily transport. It is worth noting that a SIM card tied to the CBDC digital Yuan will also be available soon. It is also worth mentioning the new cryptocurrency BRICS, i.e. a digital currency based on gold.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,514 and then pulled-back from the extremely overbought market conditions on the H4 and Daily time frame chart towards a narrow zone seen around $30k. The intraday technical support is seen at the level of $29,729 and the intraday technical resistance is seen at $30,428. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support and the line in sand for bulls. The next target for bulls is still seen at the level of $32,350, but they need to wait for a fundamental event that would trigger more volatility. Until then, the whipsaw trading conditions are expected.
Weekly Pivot Points:
WR3 – $30,664
WR2 – $30,370
WR1 – $30,236
Weekly Pivot – $30,076
WS1 – $29,943
WS2 – $29,788
WS3 – $29,490
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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
Crypto Industry News:
The situation of cryptocurrencies on the American market is boiling. This confusion is caused by the actions of the SEC in relation to the Binance US and Coinbase cryptocurrency exchanges. Asia is not going to pass up such an opportunity and is opening up to cryptocurrencies and blockchain technology more than ever before.
It’s a high-stakes game as investors concerned about the actions of the US Securities and Exchange Commission seek a haven of peace. It turns out that Asia, i.e. both Singapore and Hong Kong, may turn out to be a real Eldorado for cryptocurrencies.
An interesting example of a change of front regarding digital assets is China, which introduced huge repressions on the cryptocurrency market in 2021. All activities related to digital assets have been banned. This fact caused a mass exodus of companies related to cryptocurrency mining.
Interestingly, the People’s Bank of China is considering a return to cryptocurrencies, and the Chinese government has become seriously interested in the idea of CBDC. In January 2023, the People’s Bank of China announced that there are already 13.61 billion CBDC digital Yuan in circulation, which is 0.13% of the money supply. It is worth noting that since then, the CBDC has expanded to the “One Belt, One Road” initiative, which is a modern reactivation of the Silk Road. Moreover, the digital Yuan also serves as a means of payment for consumers, e.g. when paying for daily transport. It is worth noting that a SIM card tied to the CBDC digital Yuan will also be available soon. It is also worth mentioning the new cryptocurrency BRICS, i.e. a digital currency based on gold.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,514 and then pulled-back from the extremely overbought market conditions on the H4 and Daily time frame chart towards a narrow zone seen around $30k. The intraday technical support is seen at the level of $29,729 and the intraday technical resistance is seen at $30,428. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support and the line in sand for bulls. The next target for bulls is still seen at the level of $32,350, but they need to wait for a fundamental event that would trigger more volatility. Until then, the whipsaw trading conditions are expected.
Weekly Pivot Points:
WR3 – $30,664
WR2 – $30,370
WR1 – $30,236
Weekly Pivot – $30,076
WS1 – $29,943
WS2 – $29,788
WS3 – $29,490
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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
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