Technical Analysis of BTC/USD for October 19, 2023
October 19, 2023 11:23 amVideo
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Crypto Industry News:
Although the European Union is the first jurisdiction to agree to a comprehensive set of rules governing markets for crypto assets such as Bitcoin, it is already known that they will not be fully in force until December 2024.
October 13 this year At a meeting in Morocco, finance ministers from G20 countries adopted the roadmap for regulating cryptographic assets proposed by the Financial Stability Board (FSB) and the IMF. “In accordance with the adopted assumptions investors will not be protected by European Union regulations on the crypto asset market until at least the end of 2024.” – the European Securities and Markets Authority (ESMA) said in a statement.
Currently, crypto assets are not regulated under EU securities laws, and ESMA has made clear that investors will not benefit from any European Union-level regulatory protections under the new rules – called MiCA – until December 2024. “Even after implementation MiCA retail investors must be aware that there is no such thing as a “safe” crypto asset, the EU regulator said. “Can you afford to lose all the money you plan to invest?” – added.
In a published statement, the European Securities and Markets Authority presented the MiCA schedule, encouraging market participants to start preparations for the implementation of the regulations as soon as possible. Let us remind you that, according to the assumptions, MiCA will increase security for cryptocurrency holders and other stakeholders who are currently not subject to regulations under the currently applicable regulations.
Technical Market Outlook:
The BTC/USD pair has spiked up to the level of $30, 540 recently and the bulls keep trying to move up towards this level again. The spike up was faded quickly and BTC trades back around the level of $28,000 again. The intraday technical support is seen at $28,079 and the intraday technical resistance is seen at $28,829. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely overbought on the H4 time frame chart. Any breakout lower would likely extend the down move on BTC towards the level of $26,031.
Weekly Pivot Points:
WR3 – $28,998
WR2 – $28,237
WR1 – $27,961
Weekly Pivot – $27,478
WS1 – $27,202
WS2 – $26,719
WS3 – $25,960
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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