Technical Analysis of BTC/USD for May 17, 2023
May 17, 2023 8:26 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Crypto Industry News:
The Economic and Financial Affairs Council of the European Union, made up of finance ministers from all member states, has given the green light to the long-awaited Regulation on Crypto Asset Markets (MiCA).
Finance ministers from 27 Member States voted in favor of the law and amendments to several regulations and directives relating to the new rules.
Two more pieces of legislation, including a regulation on information accompanying transfers of funds and certain cryptographic assets, were also adopted by the European Parliament in connection with the adoption of MiCA.
The European Parliament formally adopted the MiCA legislation on April 20. It thus paved the way for final approval by the European Council before the regulatory parameters come into force.
The regulation sets out clear regulatory guidelines and requirements for the use of cryptocurrencies and related services and activities throughout the European Union. The scope of the regulations covers a range of cryptocurrencies, digital assets, utility tokens and stablecoins.
The next step for MiCA to become EU law is the publication of the draft law in the Official Journal of the European Union. The law will come into force within a year, which means that the provisions will finally become law in mid-2024.
Technical Market Outlook:
The BTC/USD pair has reversed from the 50 MA located at the level of $27,550 and is heading lower towards the level of $26,856. Any violation of this level would indicate more bearish pressure with a target seen at the level of $26,600 and $25,834 (swing low). The intraday technical resistance is located at $27,453 (50 MA) and $27,670.
The bigger time frame correction is more complex and time-consuming, however the bulls are still trying to increase the volatility and break above the intraday technical resistance seen at $30,004. Only a sustained breakout above this level might change the outlook to more bullish, otherwise the market remains in corrective mode and horizontal trend to be continued. The recent 7% bounce from the lows is not enough to trigger the trend reversal.
Weekly Pivot Points:
WR3 – $28,631
WR2 – $27,903
WR1 – $27,652
Weekly Pivot – $27,176
WS1 – $26,924
WS2 – $26,445
WS3 – $25,721
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: