BTCUSD broke the 7700.0 support level, and currently is trading above the 7250.0 level. This dive does not violate overall picture; we still have the Bullish Trend Line support underneath and a February low at 6000.0. One of the reasons of recent sell-off could be a crossover of the Alligator Indicator (Technical indicator, consists of three EMA lines) this signal considered by many traders as a strong downside signal. Yet, the technical analyzes have a subjective nature, and the market not necessarily obeys all the people-written rules.
Today forecast: Lateral movement in the 7250.0 – 7700.0 zone.
Today forecast: Lateral movement in the 7250.0 – 7700.0 zone.
- Latest news:
Tether issued 300mln token.s Despite the fact that the emission happened on 20th of March (right before the dive under the 8000.0 support), the public begins to evaluate consequences only now. Tether is the company which owns a USDT - token backed by fiat currencies, USD and EUR, in 1:1 ratio. In the last six months, Tether has constantly been accused of not having sufficient fiat reserves to back the tokens that they periodically issue.
- Cboe Prods SEC on Bitcoin ETF Approval in New Letter. In his letter, Chris Concannon, the firm's president, cited data collected by the company through its launch of bitcoin futures late last year to make the argument that the market is moving toward being able to support an ETF. The letter was a response to a January release from the SEC, in which it outlined its concerns over approving an ETF, citing market fragmentation and investor protection shortfalls. In his response, Concannon noted that although they are young, the bitcoin commodity markets "are developing quickly," which is promising for future exchange-traded products (ETPs). Even the speculation on this topic in media will add a positive attitude to traders.
