BITCOIN (BTCUSD) – Week 39 – Critical area at the trendline
China is banning all cryptocurrency-related transactions, even for those made via crypto exchanges based outside of China, as the country steps up its crackdown on what it calls a sector that has disrupted the economic and financial order. The People’s Bank of China (PBOC), along with a few other authorities, said in a notice dated Sept. 15 but released only this afternoon that cryptocurrencies — including Bitcoin, Ether and Tether — do not hold the same legal status as fiat money and should not circulate as currency.
As reported by BTCManager earlier in July 2021, Square and Twitter CEO Jack Dorsey hinted at making bitcoin (BTC) an integral part of the Twitter business model. Fast forward to September 23, 2021, and the firm has taken a major leap in that direction by rolling out the bitcoin (BTC) tipping feature for its iOS users globally, making it possible for them to add their Bitcoin and Lightning wallet addresses to their Twitter profile. The team has also hinted that the non-fungible token (NFTs) verification feature is in the works.
Technically, following last week’s report, Bitcoin broke the top once again piercing through the resistance area but failed to consolidate and continue higher. After that, the price reversed sharply breaking the support area that was marked on the chart. For this week we see a continuation higher, with the price reaching the orange trendline marked on the chart. After that we must study the price action to determine what the next move will be. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
As reported by BTCManager earlier in July 2021, Square and Twitter CEO Jack Dorsey hinted at making bitcoin (BTC) an integral part of the Twitter business model. Fast forward to September 23, 2021, and the firm has taken a major leap in that direction by rolling out the bitcoin (BTC) tipping feature for its iOS users globally, making it possible for them to add their Bitcoin and Lightning wallet addresses to their Twitter profile. The team has also hinted that the non-fungible token (NFTs) verification feature is in the works.
Technically, following last week’s report, Bitcoin broke the top once again piercing through the resistance area but failed to consolidate and continue higher. After that, the price reversed sharply breaking the support area that was marked on the chart. For this week we see a continuation higher, with the price reaching the orange trendline marked on the chart. After that we must study the price action to determine what the next move will be. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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