BITCOIN (BTCUSD) – Week 24 – No signs of reversal, yet
This week, El Salvador became the first country to legalize bitcoin as a form of payment. The Bitcoin Law was passed by a "supermajority" of lawmakers in the Central American country's Congress, with 62 out of 84 votes in favor.
Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The company is looking for someone who is "enthusiastic about blockchain and decentralized networks" and can create novel "commercial use cases" in the decentralized financial space (defi). In other news, The Texas Department of Banking has given state-chartered banks permission to provide crypto investors with custody services. Custody services will only be permitted for banks that create adequate protocols, according to the regulator. The announcement comes after the state's ratification of a measure that recognizes commercial cryptocurrency investments.
Technically, the past week’s price action structure didn’t show us a reversal of the downtrend. We are still trading in the range created by the resistance and support areas marked on the chart while at the same time making lower highs. The higher probability move in our opinion is a continuation to the downside even if it can spike up to retest the resistance. For a reversal we have to break the resistance and see signs of continuation.
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.
Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The company is looking for someone who is "enthusiastic about blockchain and decentralized networks" and can create novel "commercial use cases" in the decentralized financial space (defi). In other news, The Texas Department of Banking has given state-chartered banks permission to provide crypto investors with custody services. Custody services will only be permitted for banks that create adequate protocols, according to the regulator. The announcement comes after the state's ratification of a measure that recognizes commercial cryptocurrency investments.
Technically, the past week’s price action structure didn’t show us a reversal of the downtrend. We are still trading in the range created by the resistance and support areas marked on the chart while at the same time making lower highs. The higher probability move in our opinion is a continuation to the downside even if it can spike up to retest the resistance. For a reversal we have to break the resistance and see signs of continuation.
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.
